Philippines Revises Economic Growth Targets for 2023

The Philippine government has revised its GDP growth target for 2024 to 6.0-6.5% from 6.0-7.0%, reflecting a more uncertain economic environment influenced by domestic and global challenges. The Development Budget Coordination Committee (DBCC) has also widened its growth projections for 2025-2028 to 6.0-8.0%. In contrast, Vietnam's Prime Minister Pham Minh Chinh announced a more ambitious growth target of 8% for 2025, exceeding the National Assembly's goal of 6.5-7%. This target aims to create momentum for future double-digit growth from 2026 to 2030, with a focus on macroeconomic stability and key infrastructure projects. Both nations are navigating complex economic conditions but are committed to fostering growth through strategic planning and investment. The Philippines’ economy grew by only 5.2% in the last quarter, while Vietnam expects to exceed 7% growth this year.