The Philippines will hit its growth target this year amid easing inflation and expectations of interest rate cuts, according to the latest outlook of the Asian Development Bank (ADB). “Asian Development Outlook” expects the country’s gross domestic product (GDP) growth at 6% for this year.
The forecast would give President Ferdinand Marcos Jr. a GDP growth matching the lower end of his 6-7% target range for this year. At the same time, the Philippines would tie with Vietnam as the fastest growing economy in or ASEAN in 2024.
Both the Philippines and Vietnam would also beat the 5% average growth rate projected for Developing Asia, which refers to the 46 developing members of the ADB.
For 2025, the ADB retains its 6.2% growth projection for the Philippines, below the government’s growth target of 6.5-7.5%.
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