With the Philippines emerging from COVID-19 lockdown, employment and tourism have seen an impressive resurgence — so much so that economists now predict a 7.4 percent GDP growth this year! That’s over 1 percentage point higher than initially estimated last September 2022. Clearly this is good news for Asia’s rising star economy!
Despite forecasts of an impressive performance compared to its Southeast Asian peers, the ADB still anticipates a softening in growth for Philippines by 2023. Kelly Bird, country director for the ADB Philippines reports that inflation concerns and sluggish GDP from advance countries are likely suspects when it comes to gloomier predictions – all seemingly enough reason for cause concern amongst economic circles!
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