ASIATODAY.ID, JAKARTA – The Philippines managed to record the highest economic growth in Southeast Asia in 2023. This growth was driven by business and investment expansion, consumption and services.
Quoting Bloomberg, Wednesday, January 31 2024, the Philippines’ gross domestic product has increased 5.6%, exceeding the median growth of 5.5% in a survey of economists. Quarter-on-quarter growth reached 2.1%.
However, the rate of economic expansion is below the government’s target of 6% -7%. The realization of the Philippines’ gross domestic product growth rate is the highest in the ASEAN region, surpassing the performance of Vietnam and Malaysia.
Meanwhile, Vietnam recorded a gross domestic product growth rate of 5.05% last year. Malaysia, which in 2022 will become the country with the highest gross domestic product growth in Southeast Asia in 2022 at 8.7%. However, in 2023, the neighboring country’s economy is expected to grow at a slower rate of 3.8%.
On the other hand, Indonesia is known to report economic data next month. However, the consensus estimates that the economy will grow at around 5% more.
Philippine National Economic and Development Authority Secretary Arsenio Balisacan said his country’s government is confident that it will grow at a rate of 6.5%-7.5% in 2024. This rate can maintain the country at the highest growth rate in the region.
The gross domestic product report is also in line with President Ferdinand Marcos Jr.’s optimism. on the outlook for a consumption-driven economy, as inflation eases and the central bank halts its most aggressive interest rate tightening campaign in the region.
However, maintaining good performance requires strong efforts from the government, considering that monetary policymakers may not ease in the near future, at a time of price risks.
Projection of Indonesia’s gross domestic product
Indonesian Minister of Finance, Sri Mulyani Indrawati, expressed an optimistic attitude that Indonesia’s gross domestic product last year could reach above 5%. The government has also set a target of 5.2% for 2024.
Then, the Governor of Bank Indonesia (BI) Perry Warjiyo also said that Indonesia’s economy was the best in the world, with estimates that Indonesia’s growth could reach 5%.
“Indonesia is one of the best economic performances of the world, God willing, last year our growth was around 5%,” he said at the launch of the 2023 Indonesian Economic Report, Wednesday, January 31 2024.
Meanwhile, the International Monetary Fund (IMF) in the January 2024 edition of the World Economic Outlook (WEO) report released Tuesday, January 30 2024 projects that Indonesia’s economic growth will be 5% in 2023 and 2024, unchanged from previous estimates. (AT Network)
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