• The International Monetary Fund (IMF) upgraded its 2024 economic growth forecast for the Philippines amid the stronger rebound in investments and exports.
  • IMF resident representative Ragnar Gudmundsson said the multilateral lender raised its 2024 gross domestic product (GDP) growth forecast for the Philippines to six percent, based on the January 2024 World Economic Outlook update from the October 2023 WEO projection of 5.9 percent.
  • The Philippines is expected to be the fastest growing economy in the region, exceeding Indonesia’s five percent, Thailand’s 4.4 percent and Malaysia’s 4.3 percent.
  • This year’s growth target is also higher than the 4.7 percent growth forecast for the entire Association of Southeast Asian Nations (ASEAN), an upgrade from the previous projection of 4.5 percent.