MANILA—The Asian Development Bank revised down its gross domestic product growth forecast for the Philippines to 5.7 percent in 2023, from last April’s 6 percent forecast, and maintained a 6.2 percent forecast for 2024 .
In an update to its Asian Development Outlook 2023 Report, ADB said the Philippine economy’s expansion will moderate in 2023 – from 7.6 percent in 2022 – even more than previously expected, due to high inflation, geopolitical tensions and a sharper than expected economic growth. slowdown in major advanced economies.
“The Philippines’ growth story remains strong despite an expected moderation in 2023,” said Pavit Ramachandran, ADB Philippines country director.
“Public investment and private spending, fueled by low unemployment, a sustained increase in remittances from Filipinos abroad, and strong services including tourism, will support growth,” Ramachandran said in a statement.
“The government’s major infrastructure projects should further boost consumption, boost employment and encourage more investment.”
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