The Asian Development Bank said Wednesday its downgraded its 2023 growth forecast for the Philippines to 5.7 percent from 6
percent it made in April 2023, taking into account the risks posed by higher inflation and global headwinds.
ADB country director Pavit Ramachandran said the Philippines’ growth story remained strong despite an expected moderation in 2023. He said public investment and private spending fueled by low unemployment rate, sustained increase in remittances from Filipinos overseas, and buoyant services including tourism will support growth.
Downside risks to the outlook are likely to come from global headwinds such as geopolitical tensions and a sharper-than-expected slowdown in major advanced economies, according to the report.
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