In its Asian Development Outlook September 2023 report released yesterday, the ADB said it revised the growth forecast for the Philippines to 5.7 percent for this year from the six percent projection in the April report.MANILA, Philippines — The Asian Development Bank has trimmed its economic growth outlook for the Philippines this year due to inflationary pressures and external headwinds.
The ADB’s revised gross domestic product growth forecast is below the government’s six to seven percent growth target for the year, and the 7.6 percent growth posted in 2022. “The government’s large infrastructure projects should further stimulate consumption, boost jobs, and spur more investment,” he said further.The ADB has retained its inflation forecasts for the Philippines at 6.2 percent for this year, and four percent for next year.
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