June 17, 2024

The Insider News

Direct from the source

NEDA eyes 6.5 to 7.5% GDP growth rate this year

THE National Economic and Development Authority (NEDA) eyes this year to achieve 6.5 to 7.5 percent full-year GDP growth rate to generate economic opportunities, increase employment, raise per capita incomes, and elevate Philippine economy to “upper-middle-income-country” status by 2025.

“This growth will be supported by low and manageable inflation, a labor force with access to more and better jobs, a stronger fiscal position in the form of a lower deficit and debt as a share of gross domestic product, and an increasingly dynamic, innovative, and competitive economy,” NEDA Secretary Arsenio Balisacan said in a press briefing in Malacañang after the 13th NEDA Board meeting.

“The Marcos administration remains steadfast in carrying out its transformation agenda as we expedite the approval of game-changing projects and ensure that all of the government’s programs and policies support our unified pursuit of a Bagong Pilipinas,” Balisacan said.

The Philippine economy generally performed well in 2023, despite the magnitude of the challenges that the country has faced and which continue to persist, the government’s socioeconomic planning secretary said.

The government’s experience in the past year has led it to acknowledge the importance of reinforcing further its fiscal position to sustain rapid and inclusive growth in the coming years, he said.

These include expanding the country’s economic pie by attracting more job-generating investments, ensuring food security to temper inflation and keep prices affordable; urgently addressing growth fundamentals and improving access to quality education; building sustainable communities through infrastructure projects; and ensuring a responsive and accessible government through widespread digitalization.

The NEDA Board also made project approvals during the meeting and also presented to President Ferdinand R. Marcos Jr. the Philippine Development Report 2023 (PDR 2023) following the launching of the Philippine Development Plan (PDP) 2023-2028 last year.

The PDR 2023 will be released to the public by the end of this month.