Finance Secretary Recto revises Philippines' 2022 GDP growth projection to 6-6.5% and suggests lower medium-term targets.
Finance Secretary Ralph Recto sees a "more realistic" economic growth of 6-6.5% for the Philippines this year, suggesting lower targets for the medium term as well. Recto warns that overly optimistic GDP projections can lead to increased deficits and debt-to-GDP ratios if not met. The previous Cabinet-level Development Budget Coordination Committee (DBCC) target for 2024 was 6.5-7.5%.
March 22, 2024
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