Published by: Louise Tupaz
Date published: September 22, 2023
Time published: 12:01 PM
The Philippine Economic Growth Rate is expected to have a downtrend this year 2023 due to inflation and global headwinds, based on the Asian Development Outlook (ADB)’s report.
ADB saw a potential drop on the GDP growth rate in 2023 at 5.7%, compared to last year 2022 at 7.6% and it's lower than the target of our government [1].
Economic managers of President Ferdinand Marcos Jr. blamed the growth on the rising prices of goods and commodities. Still, they expressed confidence that the country could reach the target growth rate of 6-7% [2]. The Philippines should have an average of 6.6% growth rate in the latter half of 2023.
“The Philippines’ growth story remains strong despite an expected moderation in 2023,” stated by ADB Philippines country director, Pavit Ramachandran.
“Public investment and private spending fueled by low unemployment rate, sustained increase in remittances from Filipinos overseas, and buoyant services including tourism will support growth. The government’s large infrastructure projects should further stimulate consumption, boost jobs, and spur more investment.”
However, in the year 2024, it is projected to pick up at 6.2% GDP growth due to household consumption and government investment in the field of infrastructure and social services.
SOURCES:
[1] Zablan, C. (2023). ECONOMIC GROWTH | Philippine economy to slow down in 2023 over inflation woes – ADB. News5. https://news.tv5.com.ph/breaking/read/economic-growth-philippine-economy-to-slow-down-in-2023-over-inflation-woes-adb?fbclid=IwAR3DQ_mosVviYzvaat19Od_cuDRQnHwqPCa8pATGbrppcDQ7R4HOMSfJ-0U
[2] Rivas, R. (2023). ADB sees Philippines missing GDP growth target for 2023. Rappler. https://www.rappler.com/business/asian-development-bank-growth-forecast-targets-philippines-2023/?utm_medium=Social&utm_campaign=SocialFlow&utm_source=Facebook&fbclid=IwAR21BgC_nBC1xKSw2RieaTPKYOaVUvn2JIzdCUKdKIZuiGTaIDFLphrEe0g
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