Finance Secretary Benjamin E. Diokno said the country’s economy as measured by the gross domestic product will grow by more than 7.5 percent this year as all sectors were surging led by the manufacturing and construction sectors.
FINANCE Secretary Benjamin E. Diokno said the country’s economy as measured by the gross domestic product will grow by more than 7.5 percent this year as all sectors were surging led by the manufacturing and construction sectors.
Inflation, which has been a challenge for almost all countries both developed and emerging, has been a major concern for Philippine authorities, too. But for the Philippines, Diokno said the outlook is that inflation will start to ease next year and will be within the target band of 2 to 4 percent by 2024.
The oil futures market remained in what he called “backwardization” status as of November 29, owing to weak demand due to production disruptions in China, tighter global financial conditions and deteriorating world growth prospects. “But an average GDP growth of 6.5 percent is nothing to be sneezed at: it is still one of the highest, if not the highest, growth rates among ASEAN+6 economies,” Diokno said.
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