THE economy is on track to grow near potential, the Bangko Sentral ng Pilipinas (BSP) said, and growth is now expected to hit the 6.0- to 7.0-percent target this year.
THE economy is on track to grow near potential, the Bangko Sentral ng Pilipinas said, and growth is now expected to hit the 6.0- to 7.0-percent target this year.'The outlook in domestic economic activity remains firm,' the central bank said in its latest Monetary Policy Report, with latest baseline forecasts pointing to within-target growth for 2024 and misses for 2025 and 2026.The goals for both years are 6.5-7.5 percent and 6.5-8.0 percent, respectively.A 6.
''Higher consumption, driven by higher real wages and stable overseas Filipino remittances, could offset the negative impact of previous policy interest rate adjustments on demand,' it added.'This will bring domestic output closer to its potential over the policy horizon.'Labor market improvements and continued investment growth are also expected to buoy potential output, which could be accelerated by key reforms aimed at promoting investments and business activity.
Growth Now Seen Hitting Target
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