PH to hit highest GDP growth in Asean+3 — DOF chief
The Philippines is projected to record the highest economic growth rate among other Asean+3 countries in 2022 and 2023, according to Department of Finance (DOF) Secretary Benjamin Diokno.
In a press briefing, Diokno said that they expect the Philippine economy to grow by 6.5 to 7.5% by year-end — the highest projected figure among Asean+3 countries “this year and next year.”
Moreover, the DOF chief added that the growth rate forecast for the Philippines was pegged at 6.5 to 8% from 2023 to 2028.
The Asean+3 includes member states of the Association of Southeast Asian Nations (ASEAN) and the countries of Japan, South Korea, and China.
Diokno also reported that the new administration is targeting to reduce the country’s poverty rate to nine per cent by 2028, the conclusion of President Ferdinand “Bongbong” Marcos Jr’s term as the country’s government leader.
The DOF’s projections come as the Asean+3 Macroeconomic Research Office (AMRO) upgraded its growth forecast for the Philippines to 6.9% in 2020 — the fastest in the Asean+3 region.
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