The “continued normalization” of post-pandemic mobility will help the Philippine economy expand within the government’s 6-7% target this year, but slower growth is likely in 2024, the Bangko Sentral ng Pilipinas (BSP) said. READ:
“GDP growth is projected to settle within the DBCC’s target of 6-7% for 2023, but economic headwinds could result in slower GDP growth in 2024,” the BSP said in its latest Monetary Policy Report .
According to the central bank, the economy will be “driven by growth in the industry sector as manufacturers signal increased production plans as the economy reopens further.” “Moreover, the implementation of the Corporate Recovery and Tax Incentives for Enterprises Law, Financial Institutions Strategic Transfer Act, and the second tranche of the reduction in personal income taxes could help further bolster the domestic outlook in 2023-2024,” it added.
The economy grew by 7.6% in 2022, exceeding the government’s 6.5-7.5% target, and the fastest growth since 1975. “Such moves are designed to combat mainly demand side pressures and will only help bring down prices by snuffing our growth momentum,” Mr. Mapa said. Inflation, which is now running at a 14-year high of 8.7% in January, is expected to average by 6.1% this year before easing to 3.1% in 2024.
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