Diokno: Economy's initial slowdown temporary, ‘Don't lose hope!’

At the Philippine Economic Briefing in Laoag on Monday, Aug. 14, Diokno, the government’s chief economic manager, noted that a decrease in economic expansion has historically been observed during the first year of the past three administrations.

Though former President Gloria Macapaga-Arroyo’s term in 2001 was not a full year, having only 11 months, the country's economy encountered a slowdown from four percent in 2020 to three percent. However, with the exception of former President Duterte, both the Arroyo and Aquino III administrations experienced an acceleration in GDP during the second year of their respective terms.

Furthermore, Diokno said the government has developed strategies within the Medium-Term Fiscal Framework to stimulate growth and facilitate the country's economic transformation. The economy recorded a modest growth rate of 4.3 percent in the second quarter, short of both the projected six percent growth rate by private analysts and the 6.4 percent GDP recorded in the first quarter of 2023.In order to meet the full-year goal target of 6.0 percent to 7.0 percent, the country's GDP would need to grow by at least 6.6 percent in the second half.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

‘Meeting GDP goal needs catchup, spending boost | Jasper Y. ArcalasFINANCE Secretary Benjamin E. Diokno remains confident that the country would still achieve a 6-percent full-year economic expansion this year on the back of an anticipated ramped-up government spending despite a tepid second quarter GDP growth. Diokno emphasized that an “aggressive” catch-up plan for government infrastructure projects coupled with “deliberate…
Source: BusinessMirror - 🏆 19. / 59 Read more »

Despite slower Q2 growth, Diokno says 6% full-year growth goal achievableThe Marcos administration’s chief economic manager, Finance Secretary Benjamin Diokno has expressed confidence that the government’s full-year economic growth target remains attainable despite the slowdown seen in the second quarter.
Source: gmanews - 🏆 11. / 68 Read more »

Former Finance Sec. Dominguez joins GT Capital boardFormer Finance Secretary Carlos G. Dominguez III has been tapped by the Ty family’s investment arm GT Capital Holdings Inc. as one of its independent directors.
Source: manilabulletin - 🏆 25. / 51 Read more »

GT Capital names Dominguez independent directorGT Capital names Dominguez independent director GTCapital stockexchange PhilippineEconomy economy ManilaStandard manilastandardbusiness BusinessNews read more:
Source: MlaStandard - 🏆 20. / 55 Read more »