The Development Budget Coordination Committee , an inter-agency body tasked to set the government’s macroeconomic assumptions, expects the country’s gross domestic product to grow by 6.5 percent to 7.5 percent in 2022.
For 2023 to 2028, the DBCC however expects the growth to expand by around to 6.5 percent to 8.0 percent. For 2023, inflation was also slightly adjusted to 2.5 percent to 4.5 percent, and but it is seen to return to the target range of 2.0 percent to 4.0 percent by 2024 until 2028. According to the DBCC, the upward adjustment was due to heightened global uncertainty such as the aggressive monetary policy tightening by the US Fed, market aversion amid Russia-Ukraine conflict, and increased global oil prices.
“This will be achieved through the continued implementation of existing tax policy and tax administration reforms, bolstered by a robust economic growth,” DBCC said. Given the revised revenue and disbursement program, the budget deficit will be gradually reduced by at least 1.0 percentage point every year starting at 6.1 percent of GDP in 2023 to 3.0 percent of GDP in 2028 to ensure debt sustainability over the medium-term.
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