THE Philippines likely missed its 2024 growth target, a Cabinet official said, with a series of severe storms having limited an October-December rebound following a disappointing third quarter.
'We probably did not hit our growth targets in 2024 because of the numerous typhoons,' Finance Secretary Ralph Recto told reporters last Thursday.While fourth quarter growth is expected to be better than the lower-than-expected 5.2 percent seen in July-September, he said that it would not be enough to raise the full-year average to within the 6.0- to 6.5-percent goal.'If it hits 6.0 percent in the fourth quarter, I'll be happy with that,' Recto said.
0-percent showing for 2024, citing, among others, interest rate cuts by the Bangko Sentral ng Pilipinas beginning August.Many analysts expect the Philippines to have missed the 2024 goal. In its latest Global Economic Outlook report released last Thursday, the World Bank said the country likely grew by 5.9 percent last year — still an improvement from 2023's 5.5 percent.It expects the rate to improve to 6.1 percent this year, but then ease to 6.0 in 2026 amid heightened global uncertainties.
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