ADB sees Philippines missing GDP growth target for 2023

ADB lowers its GDP growth outlook to 5.7%. Marcos' economic managers aim for GDP to grow between 6% to 7% in 2023.

MANILA, Philippines– The Asian Development Bank lowered its growth forecasts for the Philippines in 2023 amid high inflation and global headwinds.

Meanwhile, the multilateral lender retained its GDP growth forecast of 6.2% in 2024, citing household consumption and public spending on infrastructure and social services contributing to economic expansion. President Ferdinand Marcos Jr.’s economic managers earlier aimed for GDP to grow between 6% to 7% in 2023 and 6.5% to 8% in 2024.

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