PH, India to grow fastest in Asia-Pacific in 2023, says Moody’s Analytics

The Philippines and India will continue to be the fastest-growing economies in Asia-Pacific in 2023 at 6 percent, thanks to a strong labor market and upbeat consumer demand, according to Moody’s Analytics. | RonWDomingoINQ /PDI

Also, even private firms operating in China may stay hesitant to invest until they are certain they will be allowed to independently manage their growth.

“All have strong labor markets, supportive fiscal policies focused on infrastructure improvement, education and health care, and rebounding consumer demand,” the company said. Meanwhile, weak global growth has pushed dampened exports since April, and has caused production to either grow more slowly or decline.

Further, for the Philippines, the country is not benefiting much from a resurgence of outbound tourism from China. The Philippines, along with Japan, have a relatively lower rate of return of visitors from China.

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