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Philippines sees economy slowing, but ‘comparatively strong’ in 2023

  • Writer: Ziggurat Realestatecorp
    Ziggurat Realestatecorp
  • Nov 28, 2022
  • 1 min read

Philippine economic growth may ease next year after a likely expansion of more than 7% this year as global risks linger, but it will remain resilient, a top official said on Sunday.


“We may slow down, given still elevated external headwinds & internal challenges, but the economy will remain comparatively strong in 2023,” Economic Planning Secretary Arsenio Balisacan said.


The government is aiming for yearly gross domestic product growth of 6.5% to 8.0% between 2023 and 2028.


The economy would likely grow above the government’s 6.5%-7.5% growth target for 2022, Mr. Balisacan said on Nov. 10, following a faster-than-expected 7.6% annual expansion in the third quarter, underpinned by pent-up domestic demand.


That followed GDP growth rates of 7.5% in the second and 8.2% in the first quarter, boosted by the full reopening of the economy as the government continuously lifted COVID-19 restrictions, and despite soaring inflation.


The world’s largest investment banks expect global economic growth to slow further in 2023 following a year roiled by the Ukraine conflict and soaring inflation, which triggered one of the fastest monetary policy tightening cycles in recent times.


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