ECONOMIC MANAGERS trimmed the Philippines’ gross domestic product (GDP) growth target for 2023, citing the anticipated global economic slowdown.
BUILDINGS are seen from the Estrella-Pantaleon Bridge in Makati City, Dec. 4. The Development Budget Coordination Committee on Monday said the Philippine economy is now expected to expand by 6-7% in 2023. — PHILIPPINE STAR/ MIGUEL DE GUZMANproduct growth target for 2023, citing the anticipated global economic slowdown.
“As the economy continues to reopen, domestic demand increased, and services and industry sectors improved,” the DBCC said in a statement after its meeting on Monday. “This momentum is expected to slightly decelerate in 2023 and range from 6% to 7% considering external headwinds such as the slowdown in major advanced economies.”the global economic slowdown had prompted the downgrade of next year’s growth target.
“These include modernizing agriculture and agribusiness, revitalizing the industry sector and reinvigorating the service sector, among others,” it said. The peso is expected to range from P54-P55 a dollar this year, further weakening to P55-P59 in 2023. It is expected to appreciate and stabilize in 2024-2028, moving within P53 to P57-a-dollar range.
It now targets to generate P3.516 trillion in revenues for this year from P3.304 trillion previously.
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