PH growth in 2023 to outpace Asian pack, says Moody’s Analytics

The Philippines is expected to outpace economic powerhouses on the Asian side of the Pacific in terms of gross domestic product growth in 2023 as the region sidesteps a global tide of recession despite uncertainties in China. | RonWDomingoINQ /PDI

Moody’s Analytics has bumped up its forecast on Philippine growth in 2022 to 7.4 percent from 6.7 percent previously.

“The Philippines 2023 economic outlook is sanguine, but we expect growth to slow to 6.4 percent … given external headwinds and internal challenges,” Moody’s Analytics associate economist Sonia Zhu said. “Fiscal support will do the heavy lifting in the coming year as the Marcos administration extended fiscal stimulus into 2023, which will help to bolster growth, support domestic spending, and continue investment in legacy infrastructure programs left behind by the Duterte government,” Zhu said.

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