Philippines Economic Growth Forecast 2024

The Philippine economy is expected to continue its growth trajectory in 2024, building on its resilience despite global economic pressures. Here are some key points about the economic forecast for the Philippines in 2024:

1. GDP Growth: Projections indicate that the Philippine economy could achieve a GDP growth rate of between 5% and 6% in 2024.

   
   

   Various factors, including resumption of commercial activities, public infrastructure spending, and growth in digital financial services, contribute to this positive outlook.

2. Inflation Rates: After ending 2023 with an inflation rate of 6.0%, inflation is expected to moderate between 3.2% and 3.6% in 2024. 

    

   
   

   This range is still above the government’s target range of 2.0% to 4.0%

3. Sector Outlook:

   • Financial Services: The Bangko Sentral ng Pilipinas continues to invest in financial inclusion initiatives. Basic deposit accounts reached $22 million in 2023,
   • and banking penetration improved significantly. Digital channels are also expected to grow further.
   • Unsecured Lending: While growth in unsecured lending is expected to continue, it may be at a slower pace than in previous years.

4. Other Forecasts:

   • The Asian Development Bank (ADB) forecasts a 6.2% growth rate for the Philippine economy in 2024        
   • Fitch Ratings expects a 6.4% growth rate in 2024, indicating a faster pace of recovery from 2023
   • S&P Global Ratings predicts real GDP growth of about 6% for both 2024 and 2025

Overall, the Philippine economy remains resilient and poised for continued growth in the coming year.