THE PHILIPPINE economy may grow slower than initially expected in 2023, according to Maybank Investment Banking Group.
Commuters wait for available public transport while motorists endure heavy traffic on the northbound lane of EDSA in Pasay City, Dec. 11. — PHILIPPINE STAR/ MIGUEL DE GUZMAN
The Philippine economy is expected to surpass the full-year target after GDP growth averaged 7.7% as of end-September. “ASEAN-5 GDP growth will likely be higher than China’s for a second consecutive year. ASEAN will be cushioned by the reopening tailwinds, while China’s shift from ‘zero COVID’ will be slow and incremental,” Maybank said.
“The reconfiguration of manufacturing supply chains away from China to ASEAN has increased FDI significantly. The pandemic shock, development of the Electric Vehicle industries and US Chips Act have reinforced these shifts. Indonesia, Malaysia, Vietnam, and Singapore are big beneA full reopening of China’s economy may also partly oset a slowdown in the United States and Europe, and boost ASEAN’s economic outlook, Maybank said.
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