The country’s GDP growth may exceed 7 percent in the first quarter if the global economy does not weaken further and inflation is kept at bay, according to a local think tank.
THE country’s GDP growth may exceed 7 percent in the first quarter if the global economy does not weaken further and inflation is kept at bay, according to a local think tank.
“We expect a more robust economy in Q1-2023 than most analysts with a GDP growth of 7.1 percent YoY, albeit with a little downside risk. The income tax cut and the downward trend in inflation should provide support although the recent crude oil price surge—due to huge OPEC production cut—would clip that partially,” FMIC-UA&P Capital Market Research said.
Nonetheless, the local think tank still expects inflation to slow to around 6.2 percent by June, despite the recent spike in oil prices. The slowdown in the increase in food prices will offset the increase in fuel prices. “ becomes more instructive when we consider that huge temporary employment for the May 2022 elections bloated year ago figures. The huge vault in business expectations should provide further backing to this,” the think tank said.
The reopening of hotels and restaurants as well as tax cuts that took effect in January 2023 are also contributing to the growth of the manufacturing sector.Meanwhile, household and government spending have been robust on the back of employment gains and overseas Filipino workers’ remittances as well as various public infrastructure projects.
These PPP projects are NLEX-SLEX second connector elevated tollway, MRT-7, Cavite-Laguna Expressway , and the extension of LRT-1 to Cavite.
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