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| Philippines Struggles with Growth Targets |
MANILA, Philippines — The Philippines ended 2024 with a 5.6% annual GDP growth rate, marking the second consecutive year of missing the government's growth target.
President Ferdinand Marcos Jr.'s administration missed its economic growth targets for the second consecutive year in 2024. The Philippines' GDP grew by 5.6%, falling short of the government's target of 6% to 6.5%.Several factors contributed to this shortfall:
Extreme Weather Events: A series of powerful typhoons hit the country in late 2024, disrupting economic activities and causing significant damage to the agriculture sector.
Geopolitical Tensions: Ongoing geopolitical issues affected global demand and trade, impacting the Philippines' economic performance.
Subdued Global Demand: The global economic environment remained challenging, with lower demand for goods and services.
Agriculture Sector Decline: The agriculture, forestry, and fishing sector contracted by 1.8% in the fourth quarter, contributing to a full-year decline of 1.6%.
Despite these challenges, the Philippines remains one of the fastest-growing economies in Asia, trailing behind Vietnam and China.The focus moving forward is on building resilience against such shocks and recalibrating growth strategies.
Inquirer: Gov’t missed 2024 GDP growth target