A global economic slowdown due to inflation and global headwinds has been a great concern for most countries including the Philippines. According to the World Bank projections, the country's gross domestic product (GDP) is expected to moderate to 5.6% percent in 2023 from 7.6% in 2022. Despite the decline, the country is projected to post the highest growth in comparison to its neighbouring countries. The multilateral agency also estimates a growth of 5.8% for the year 2024. Further to this, the Philippine government has laid down their growth assumptions of a 6% to 7% GDP growth rate for the rest of 2023, while a 6.5% to 8% economic growth is expected from 2024 - 2028.
The European Chamber of Commerce of the Philippines (ECCP) will host its 2024 Philippine Economic Outlook together with key resource speakers who will take a look at the country's state of economic health and crunch the numbers behind the various forecasts for the year ahead. The session aims to provide insights on the outlook of trade and investments in the country, the government's socioeconomic priorities for the year ahead, high-growth sectors, as well as guidance to the business community on how to recalibrate their strategic decisions and business plans based on current indicators and predictions amidst tighter financial conditions and adverse external pressures.
In close partnership with government, businesses, civil society, and academia, ECCP passionately works to enhance the business environment for both European and Filipino companies.