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Philippines Leads Economic Growth in ASEAN+3

According to a recent report from the ASEAN+3 Macroeconomic Research Office (AMRO), the Philippines is projected to lead in economic growth among the Association of Southeast Asian Nations Plus 3 (ASEAN+3) this year and the next.

The report, released by AMRO, indicates that the Philippine economy is expected to grow by 6.3 percent this year, consistent with their earlier forecast made in January.

This growth prediction is higher than last year’s revised growth of 5.5 percent and falls within the government’s target of six to seven percent growth for this year.

Hoe Ee Khor, AMRO’s chief economist, mentioned that the 6.3 percent growth is a very strong performance, ranking among the highest in the region.

AMRO’s growth forecast for the Philippines is higher than their projections for other economies in the region, such as Cambodia (6.2 percent), Vietnam (six percent), China (5.3 percent), Indonesia (5.2 percent), and others listed in the report.

For 2024, AMRO expects ASEAN+3 to grow by 4.5 percent, faster than the growth in 2023, driven by strong domestic demand, rising household incomes, and investment activities. This growth is also supported by an expected improvement in exports and the continued recovery of tourism.

Looking ahead to next year, AMRO predicts the Philippines to expand at a faster pace of 6.5 percent, within the government’s revised growth target.

AMRO’s report also highlights challenges such as aging populations, changes in global trade, and rapid technological advancements, emphasizing the need for robust policies to ensure sustained growth, innovation, and social inclusion in the region.

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