Acknowledging the impact of the accelerating inflation rate, the government is now bracing for slower economic growth next year by boosting local businesses and ensuring support for the poor. Know more:
ACKNOWLEDGING the impact of the accelerating inflation rate, the government is now bracing for slower economic growth next year by boosting local businesses and ensuring support for the poor.
Based on the July 2022 estimates of the Development Budget Coordination Committee , the target of the administration is for GDP growth to average 6.5 to 8 percent annually between 2023 and 2028. The International Monetary Fund said currency depreciation and high commodity prices surge will slow the country’s growth prospects next year.
Similarly, ADB and the ASEAN+3 Macroeconomic Research Office project Philippine economic growth to remain robust in 2022 and 2023, with the economy expected to grow by 6.5 percent to 6.9 percent in 2022 and 6.3 percent in 2023.
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