Philippines' Q4 GDP negatively affected by floods

Published 2024년 12월 2일

Tridge summary

The Philippines is facing significant economic challenges due to the impact of typhoons on its agricultural sector, which accounts for 10% of its GDP. Secretaries from the National Economic Development Authority (NEDA) predict that the damage will be similar to that caused by El Nino, with high-value crops being particularly vulnerable. The country targets an annual growth of 6% to 7% by 2028, but typhoons have hindered this goal. In 2022, the government set a target of 5.6% growth, which was surpassed with 7.6% growth in 2022 and 5.6% in 2023, but typhoons have caused significant damage to the economy and agricultural sector, with the potential to affect over 10 million people, as reported by the World Food Programme. Despite these challenges, the government identifies the job market, remittances, and slow inflation as potential support for achieving the targeted growth in the fourth quarter.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

“We cannot control the typhoons. Unfortunately, they hit the Philippines one after another. The impact on the agricultural GDP is huge,” Arsenio Balisacan, secretary of the National Economic Development Authority (NEDA), told Nikkei Asia. The Philippines will be hit by typhoons by the end of 2024 - Photo: The Hindu NEDA is the agency responsible for planning and formulating economic policies. Agriculture currently accounts for 10% of the Philippines’ GDP. Balisacan predicted that the damage caused by typhoons to the economy will be similar to that caused by El Nino weather from July to September. High-value crops are highly vulnerable to weather. The Philippines produces a wide variety of tropical fruits, as well as many agricultural products important for domestic consumption. Examples include bananas, mangoes, onions, corn, cocoa and durian. In the third quarter of 2024, the Philippines' GDP grew by 5.2%, slowing from 6.4% in the previous quarter, due to the devastation ...
Source: Voh

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