“We may slow down, given still elevated external headwinds & internal challenges, but the economy will remain comparatively strong in 2023,” Economic Planning Secretary Arsenio Balisacan said.
Philippine economic growth may ease next year after a likely expansion of more than 7% this year as global risks linger, but it will remain resilient, a top official said on Sunday.
“We may slow down, given still elevated external headwinds & internal challenges, but the economy will remain comparatively strong in 2023,” Economic Planning Secretary Arsenio Balisacan said in a tweet. The government is aiming for yearly gross domestic product growth of 6.5% to 8.0% between 2023 and 2028.
The economy would likely grow above the government’s 6.5%-7.5% growth target for 2022, Balisacan said on, following a faster-than-expected 7.6% annual expansion in the third quarter, underpinned by pent-up domestic demand. That followed GDP growth rates of 7.5% in the second and 8.2% in the first quarter, boosted by the full reopening of the economy as the government continuously lifted COVID-19 restrictions, and despite soaring
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