{"id":18963,"date":"2024-05-29T03:08:26","date_gmt":"2024-05-29T03:08:26","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/gdp-growth-may-fall-below-target-in-2024-2025-bsp\/"},"modified":"2024-05-29T03:08:26","modified_gmt":"2024-05-29T03:08:26","slug":"gdp-growth-may-fall-below-target-in-2024-2025-bsp","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/gdp-growth-may-fall-below-target-in-2024-2025-bsp\/","title":{"rendered":"GDP growth may fall below target in 2024, 2025 \u2014 BSP"},"content":{"rendered":"<div>\n<p class=\"p2\">PHILIPPINE economic growth may fall below the government\u2019s target this year and in 2025, as high interest rates dampen domestic demand, the Bangko Sentral ng Pilipinas (BSP) said.<\/p>\n<p class=\"p3\">\u201cThe outlook on domestic economic activity remains intact, even as the economy is projected to operate slightly below potential. Economic growth could settle below the DBCC\u2019s (Development Budget Coordination Committee) target of 6-7% for 2024 and 6.5-7.5% for 2025,\u201d the BSP said in its latest Monetary Policy Report.<\/p>\n<p class=\"p3\">The BSP did not provide a specific gross domestic product (GDP) growth estimate.<\/p>\n<p class=\"p3\"><span class=\"s2\">Latest data from the local statistics authority showed that GDP expanded by 5.7% in the first quarter, faster than 5.5% in the previous quar<\/span><span class=\"s3\">ter but slower than 6.4% a year ago.<\/span><\/p>\n<p class=\"p3\">\u201cThe projected impact of the BSP\u2019s policy rate adjustments is likely to peak in the second half of 2024,\u201d the central bank said.<\/p>\n<p class=\"p3\">At its May meeting, the Monetary Board kept its benchmark rate steady at 6.5%, the highest in 17 years, for a <span class=\"s4\">f<\/span>ifth straight meeting.<\/p>\n<p class=\"p3\">The Monetary Board has raised borrowing costs by a cumulative 450 basis points (bps) from May 2022 to October 2023 in order to tame in<span class=\"s4\">f<\/span>lation.<\/p>\n<p class=\"p3\">\u201cHigher global crude oil prices and positive real interest rates could also temper domestic demand,\u201d the BSP said. \u201cHowever, stronger net exports amid an improving global growth outlook could support GDP growth.\u201d<\/p>\n<p class=\"p3\">Citing estimates from the Policy Analysis Model for the Philippines, the BSP said the \u201coutput gap may turn slightly negative in 2024 but will likely close in the latter part of 2025.\u201d<\/p>\n<p class=\"p3\">\u201cDomestic economic activity could ease as the e<span class=\"s4\">f<\/span>fects of previous policy interest rate adjustments and declining real incomes, along with the possibility of tepid global growth, temper aggregate demand,\u201d the central bank said.<\/p>\n<p class=\"p3\"><span class=\"s5\">\u201cOn balance, the latest assessment of the output gap indicates potential deflationary pressures going forward.\u201d<\/span><\/p>\n<p class=\"p3\"><span class=\"s6\">At the same time, steady investment growth, improving jobs market and infrastructure spending may \u201ccontinue to drive productivity and potential output,\u201d the BSP added. <\/span><\/p>\n<p class=\"p3\"><span class=\"s7\">The BSP said that Philippine GDP is expected to pick up in 2025 \u201con stronger net exports and an improving global growth outlook.\u201d<\/span><\/p>\n<p class=\"p3\"><span class=\"s7\">\u201cThe resilience of the global economy, despite central bank interest rate increases, has re<\/span><span class=\"s8\">f<\/span><span class=\"s7\">lected the ability of households in major advanced economies to draw on substantial savings accumulated during the pandemic,\u201d it said.<\/span><\/p>\n<p class=\"p3\">However, the BSP noted the pace of global growth is \u201cstill low by historical standards,\u201d mainly due to high borrowing costs, long-term e<span class=\"s4\">f<\/span>fects of the pandemic and Russia\u2019s invasion of Ukraine, weak productivity growth and rising geoeconomic fragmentation.<\/p>\n<p class=\"p3\">The International Monetary Fund sees the global economy growing by 3.2% this year and next year. \u2014 <b>L.M.J.C.Jocson<\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<div>PHILIPPINE economic growth may fall below the government\u2019s target this year and in 2025, as high interest rates dampen domestic demand, the Bangko Sentral ng Pilipinas (BSP) said. \u201cThe outlook on domestic economic activity remains intact, even as the economy is projected to operate slightly below potential. Economic growth could settle below the DBCC\u2019s (Development [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[1251,6509,8820,5796,14644,3759,11604,11413,170,935,11],"class_list":["post-18963","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-1251","tag-6509","tag-below","tag-bsp","tag-bworldonline","tag-fall","tag-gdp","tag-growth","tag-may","tag-target","tag-years"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GDP growth may fall below target in 2024, 2025 \u2014 BSP - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/gdp-growth-may-fall-below-target-in-2024-2025-bsp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GDP growth may fall below target in 2024, 2025 \u2014 BSP - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"PHILIPPINE economic growth may fall below the government\u2019s target this year and in 2025, as high interest rates dampen domestic demand, the Bangko Sentral ng Pilipinas (BSP) said. \u201cThe outlook on domestic economic activity remains intact, even as the economy is projected to operate slightly below potential. 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