Up to 7 percent growth possible next year“The outlook for higher growth in 2024 at six to seven percent is also hinged on the expected monetary policy easing by the BSP and other major central banks,” Metrobank Research said. Metrobank Research’s growth outlook, however, is still below the gross domestic product (GDP) growth target of 6.5 to eight percent set by the Cabinet-level Development Budget Coordination Committee (DBCC) for next year. Metrobank Research said the strong economic growth in the third quarter suggests that overall economic activity has remained resilient despite a high-interest rate environment. It said the strong growth gives the BSP more room for a rate hike should inflation expectations become problematic this year. The risk-adjusted inflation is equivalent to baseline inflation forecasts plus the probability weighted impact of the different upside and downside risks to inflation outlook.
