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Philippines to post fastest GDP growth in ASEAN+3 this year and next

The Philippines is poised to outpace ASEAN member countries, China, Japan, South Korea, and Hong Kong in economic growth for 2024 and 2025, maintaining a stable GDP growth outlook at 6.3% for this year and 6.5% for 2025, as per the ASEAN+3 Macroeconomic Research Office (AMRO). This growth, however, is threatened by persistent high inflation, particularly driven by local food supply disruptions and global energy price fluctuations due to geopolitical conflicts. With an expected inflation of 3.6% in 2023, among the highest in the ASEAN+3, the Philippines faces challenges in moderating inflation, which could delay potential rate cuts by the Bangko Sentral ng Pilipinas. AMRO underscores the need for tight monetary policy until inflation targets are met.


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