The country’s economic performance remains impressive even after falling short of its targets for 2024, according to National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan on Friday.
The country’s Gross Domestic Product (GDP) grew by 5.8 percent during the first three quarters of 2024, lower than its target of 6.5 percent to 8.0 percent.
In a press conference, Balisacan said the factors that affected the country’s performance were out of government’s control.
“We fall short of the target but that’s understandable, as I said, because of the external and domestic factors that are outside of our control,” Balisacan said.
“But nonetheless, you know, the performance of the economy was still quite impressive compared to our neighbors in the entire Asia,” he added.
Balisacan noted the Philippines continues to be one of the top performers among emerging economies in Asia.
He cited agriculture as one of the sectors with the biggest losses in the second half of last year because of an unprecedented number of typhoons that hit the country.
Nevertheless, Balisacan said he expects “speedy” recovery for the sector this year. (PND)
