President Marcos Eyes Ambitious 8% GDP Growth for the Philippines
Philippine President Ferdinand "Bongbong" Marcos Jr. is optimistic about achieving an 8% GDP growth rate during his tenure, asserting that his administration is aiming for significant economic transformation. In a Bloomberg Television interview, Marco…
Philippine President Ferdinand "Bongbong" Marcos Jr. is optimistic about achieving an 8% GDP growth rate during his tenure, asserting that his administration is aiming for significant economic transformation. In a Bloomberg Television interview, Marcos emphasized that his government is not settling for mediocrity but is striving for excellence, despite the ongoing battle against inflation, which he identified as the country's primary economic challenge.
The administration's policies are designed to stimulate growth, with a focus on managing core inflation effectively. National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan highlighted the need for growth beyond the current 6% trajectory to match the progress of neighboring countries, citing the demographic sweet spot that the Philippines is in as a catalyst for potential growth.
With a GDP increase of 5.6% in 2023 and the economy valued at over $400 billion, the Philippines is positioned for substantial growth. The World Economic Forum's president, Børg Brende, also sees the potential for the Philippine economy to reach $2 trillion in the next decade, provided that continued reforms and investments in skills development are made to attract further investments.
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