The government believes it is still possible to achieve upper middle-income status by late next year, if it attains the economic growth target for this year, the National Economic and Development Authority said.
MANILA, Philippines — The government believes it is still possible to achieve upper middle-income status by late next year, if it attains the economic growth target for this year, the National Economic and Development Authority said.He said this would be possible if the economy meets its six to seven percent growth target this year and if the local currency doesn’t depreciate much.“There are too many moving parts. Some of them are not within our own control,” he said.
Balisacan earlier said the initial estimate is for the country to achieve upper middle-income status by next year. Should the Bangko Sentral ng Pilipinas start interest rate cuts in August, he said the effect on economic growth would not be immediately felt. Headline inflation likely settled within the 3.4 to 4.2 percent range in June, according to the Bangko Sentral ng Pilipinas...
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