The ASEAN+3 Macroeconomic Research Office reported Thursday that it maintained its gross domestic product growth forecast for the Philippines at 6.9 percent for 2022 while revising downward the outlook for next year from 6.5 percent to 6.3 percent.
During AMRO’s latest quarterly update Thursday, its chief economist Hoe Ee Khor said the strong economic performance in the first half of 2022 made the organization keep its GDP outlook for the Philippines for the year despite the impacts of inflation and peso depreciation. “External headwinds have intensified since AMRO’s July 2022 update. Inflationary pressures are high, global financial conditions have tightened considerably, the risk of a recession in the US and Europe has risen, and geopolitical tension has heightened,” Khor said.AMRO’s chief economist noted that there is an intensifying fears of recession amid Europe’s energy crisis and the hawkish stance of the US Federal Reserve, which raises the risk of a hard landing.
AMRO data also presented that the Philippines’ central bank is one of the most aggressive in tightening its monetary policy to counter the higher inflation rate. However, inflation rate in the country is still one of the highest in the region from January to August this year, only behind Thailand, Singapore, and South Korea.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
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.
‘On the Job: The Missing 8’ is PH’s official entry to the 2023 OscarsThere’s no denying that Filipino crime-thriller film “On the Job: The Missing 8” was a critical success. Besides receiving positive reviews worldwide, it was also nominated for the Golden Lion—the highest prize at the 78th Venice International Film Festival. 3rd Death Anniversary of our Mom.
Source: inquirerdotnet - 🏆 3. / 86 Read more »
The Outlook Awards 2022 hails five grand awardees for the year - BusinessMirrorLamudi’s The Outlook 2022: Philippine Real Estate Awards returns this year by recognizing outstanding real estate developers across the country. The real estate platform presented 23 awards to those who excelled in providing the needs and wants of Filipinos amid the new normal. Five Grand Awards were given to recognize 2022’s Best Boutique Developers and Best Developers in Luzon and Visayas and Mindanao, along with the Personality of the Year for 2022.
Source: BusinessMirror - 🏆 19. / 59 Read more »
Malaysia announces tighter 2023 budget as it warns of slowing growthMalaysia unveiled a smaller budget for 2023, prioritizing fiscal discipline over expectations of populist measures, as it warned of a slowdown in the economy from rising global risks. | Reuters
Source: inquirerdotnet - 🏆 3. / 86 Read more »
Hotel prices to rise at lower rate in 2023 in major business events cities — report - BusinessWorld OnlineMADRID — Hotel prices will keep increasing in 2023 in most of the key cities for business events worldwide as demand for in-person meetings after pandemic disruptions grows, though at a slower pace due to a worsening economic outlook, American Express Global Business Travel said in its annual forecast. Corporate travel managers and buyers have […]
Source: bworldph - 🏆 9. / 68 Read more »