PHILIPPINE economic growth will stay healthy this year and the next despite continued challenges, the Asian Development Bank (ADB) said on Tuesday.
In its latest outlook for the region, the Manila-based ADB maintained its 2023 gross domestic product growth forecast for the country at 6.0 percent and also projected a pickup to 6.2 percent next year.'Philippine economic growth is expected to moderate this year from 2022's forecast-beating outturn but will remain on a healthy expansion mode, underpinned by rising domestic demand and a recovery in services, particularly tourism,' the multilateral lender said.Growth last year was 7.
2 percent this year — above the Bangko Sentral ng Pilipinas' 2.0- to 4.0-percent target and 6.0-percent forecast — before finally easing to 4.0 percent in 2024.It noted that food supply constraints and rising global commodity prices had driven inflation up at the start of 2023. The pace of growth is expected to decelerate in the second half and next year as interest rate hikes take effect and global prices fall, the ADB added.
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