The Philippines is expected to post the fastest growth in the Association of Southeast Asian Nations this year and next,
The October quarterly update of the 2023 ASEAN+3 Regional Economic Outlook showed that while AMRO lowered its 2023 growth forecast for the Philippines to 5.9 percent from its July estimate of 6.2 percent, it would still be the highest in the region.
AMRO revised down its 2023 inflation forecast for the Philippines to 5.5 percent from 5.9 percent and retained the 2024 inflation outlook at 3.8 percent. This, along with the gradual pick-up in durable goods consumption in the United States and the anticipated recovery of the global technology cycle, should boost regional exports next year amid expected weakness in the global economy, it said.