President Marcos’ economic managers are confident that the country is still on track to meet its growth target for the year despite higher than expected inflation and global headwinds. ManilaBulletin
The inter-agency Development Budget Coordination Committee on Monday, April 24, kept its gross domestic product target of 6.0 percent to 7.0 percent for this year and 6.5 percent to 8.0 percent for 2024 to 2028.
According to the inter-agency body tasked to set the government’s macroeconomic assumptions, inflation may average around 5.0 percent to 7.0 percent, higher than the previous assumption of 2.5 percent to 4.5 percent. The latest forecasts suggest that global crude oil prices will continue to decline in 2024 before stabilizing at $60 to $80 per barrel between 2025 and 2028.
These are expected to stabilize at 6.0 percent percent and 8.0 percent, respectively, in the medium term.
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