SunStar Publishing Inc.
THE country’s economy grew faster at 6.3 percent in the second quarter of 2024, the fastest acceleration since the first quarter of 2023, the Philippine Statistics Authority reported on Thursday, August 8, 2024. The 6.3 percent gross domestic product growth from April to June is higher than the 5.8 percent posted in the first quarter of 2024, bringing the GDP growth to 6.0 percent for the first half of the year, which is within the government’s target growth rate of 6.0 to 7.0 percent for 2024.
This was mainly driven by the timely implementation and expanded coverage of various social protection, health, and education programs, along with preparatory activities for the 2025 National and Local Elections.“This performance keeps our position as one of Asia's best-performing major emerging economies,” he said.The acceleration of the Philippine economy is following behind the growth of Vietnam at 6.9 percent while leading against Malaysia at 5.8 percent, Indonesia at 5.
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