The Philippine economy is expected to lose momentum in 2023 with the pace of expansion set to slow to 5.7 percent as soaring inflation and higher interest rates crimp domestic demand, the World Bank said. | Reuters
MANILA – The Philippine economy is expected to lose momentum in 2023 with the pace of expansion set to slow to 5.7 percent as soaring inflation and higher interest rates crimp domestic demand, the World Bank said on Tuesday.
The World Bank’s outlook, which was trimmed from its earlier growth forecast of 5.8 percent, was more pessimistic than the government, which on Monday cut its 2023 growth projection to 6 percent-7 percent from 6.5 percent-7.5 percent.“The forecast for 2023 is premised on reduced consumer demand, alongside high inflation and high interest rates that are expected to temper household spending and investments,” the World Bank said.
The World Bank expects the Philippines to end 2022 on a strong note with the economy forecast to grow 7.2 percent, much higher than its previous growth projection of 6.5 percent, after the Southeast Asian country’s robust performance in January to September.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
World Bank upgrades 2022, cuts 2023 Philippine growth projectionsThe World Bank on Tuesday upgraded its Philippine economic growth forecast for this year, but downgraded its projections for 2023 in line with the anticipated global economic slowdown.
Read more »
Thai stars Ohm Pawat and Nanon Korapat are coming to ManilaThai entertainment group GMMTV announced on Saturday, December 3, that the Thai actors are holding their first fan meeting in Manila on January 21, 2023 at Samsung Hall. READ:
Read more »
SC sets 2023 Bar exams on Sept. 17, 20, 24MANILA, Philippines — The Supreme Court (SC) on Sunday announced that the 2023 Bar examinations will be held on Sept. 17, 20 and 24. Associate Justice Ramon Paul Hernando, the 2023 Bar
Read more »
Precious Paula Nicole, Brigiding, Viñas DeLuxe to hold a first major concert in 2023There&39;s no way but up for Filipino drag queens!
Read more »
Kimson Tan and Elijah Alejo receive awards at the 4th Philippine Faces of Success 2023The two Sparkle artists shine at the highly-anticipated awards show!
Read more »
Possible SRP of Infinix ZERO 5G 2023 spotted at Lazada PH ahead of launch!
Read more »