Across the emerging markets of Asia, strong economic growth and a buoyant export market are creating an increasingly positive picture for economic growth. But the Philippines is standing out as an unhappy outlier.
The country missed its official 7.6 per cent gross domestic product growth target in 2023, coming in at 5.6 per cent. While the figure is still a strong showing, it demonstrates how far the economy is falling behind compared to the government’s expectations. It is also below the 7.1 per cent recorded the previous year.
