NEDA Optimistic on Economic Growth in the PH for 2024

National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan expressed optimism about the country’s economic growth for 2024.

According to Balicasan, major development organizations like the IMF, ADB, and the World Bank expect the country to have an economic growth rate of at least 6%.

The IMF projects a growth rate of 6.2%, the ADB predicts 6%, and the World Bank at 5.9% growth.

Additionally, the country expects to outperform other countries in the Asian region despite not reaching the government’s target economic growth this year at 6% to 7%.

Balicasan also hopes that inflation will not increase and will be consistent with March 2024’s inflation rate of 3.7%, maintaining BSP’s target range of 2% to 4%.

He also said that they continue to monitor geopolitical tensions, particularly in the Middle East, which could affect oil prices and impact inflation.

With El Niño subsiding in the second half of the year, Balicasa said that pressure on food prices. However, the continued rise in energy prices, especially oil, could affect logistics and potentially affect food prices.

Official data for April’s inflation and first-quarter economic growth is scheduled to be released on May 7 and May 9, respectively. (ASC)