Finance Secretary Benjamin Diokno on Monday (Tuesday, PH time) said the government is expecting a strong full-year gross domestic product (GDP) growth for 2022, and around 6.5% GDP growth in 2023.
Diokno made the announcement during a luncheon hosted for President Ferdinand "Bongbong" Marcos Jr. and Philippine business leaders by the Philippine Economic Development Cabinet Cluster in Davos, Switzerland. The President is in Davos for the World Economic Forum .
Diokno said the country's bustling manufacturing sector, record-low unemployment, and stable and resilient banking system can alleviate buffers against external headwinds and indicate a resilient economy. This is expected to boost investments further on top of the government's goal to spend at least 5 to 6% of GDP on infrastructure, he said, adding that all these form the backbone for the country's rapid and sustained growth.However due to current challenges, the country is hoping to launch the Maharlika Investment Fund, the country's first sovereign wealth fund, to support the goals set by the administration in the Philippine Development Plan for 2023 to 2028.
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