MAKATI CITY (CCIFP) – According to a report by the Philippine Foreign Business Briefing, the World Bank has stated that the Philippines is anticipated to maintain the highest growth economic rate in Southeast Asia this year, despite a slowdown in the economy.
Data shows, with regard to the Bank forecast, that the Philippines is expected to experience a GDP growth of 5.6% this year, a decrease from 7.6% in 2022. This decline is primarily attributed to persistently high inflation, tight financial conditions, and a challenging external environment. This latest projection is lower than the Bank’s initial estimate of 6%.
Despite this downward adjustment, the Philippines’ economic growth is anticipated to outpace that of Cambodia (5.5%), Indonesia (5%), Vietnam (4.7%), Malaysia (3.9%), Laos (3.7%), Thailand (3.4%), and Myanmar (3.0%).
Meanwhile, the country’s headline inflation during August rose to 5.3%, surpassing the government’s 2023 target range of 2% to 4%. Additionally, the World Bank stated that global growth for this year is projected to decline to 2.1% from 3.1% in 2022. Looking ahead, the Philippine economy is forecasted to expand by 5.8% in both 2024 and 2025.
Source: https://www.pfbb.net/post/philippines-still-on-course-for-highest-growth-in-southeast-asia-in-2023