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Philippines economic growth likely to fall below target until 2025

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, said the country’s economic growth is likely to fall below the government target for the next three years. Despite the upward revisions, the BSP sees the GDP outturn in 2023, 2024, and 2025 falling below the growth targets set by the cabinet-level Development Budget Coordination Committee (DRCC). The BSP, however, said the country’s growth prospects remain intact for this year until 2025, but could settle below the target of 6-7% for 2023 and 6.5-8% for 2024 and 2025. In Q3 of this year, the Philippine economy rebounded strongly with a 5.9% GDP expansion after slowing to 4.3% in Q2 from 6.4% in Q1.

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