Davos 2023: Marcos says Philippines to resist 'recessionary forces'

Philippines President Ferdinand Marcos Jr said his country would resist global recessionary headwinds, but warned that increasing tensions in the South China Sea were harming trade.

But increasing tensions in the South China Sea were affecting trade on all of the exchanges in the region, he said.Earlier, Marcos said he expects the domestic economy to grow around 7% this year, saying strong fundamentals, prudent fiscal management and reforms in key sectors will cushion against risks from a potential global recession.

Marcos was in Davos, Switzerland this week for the World Economic Forum, accompanied by his economic team and several Philippine business executives. There he met with potential investors to seek support for his infrastructure development programme.

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