THE WORLD BANK upgraded its growth forecast for the Philippines this year but expects the economy to expand at a weaker pace in 2023 amid a global slowdown and elevated inflation. READ:
More policemen are deployed in Divisoria, Manila as the shopping area is expected to draw bigger crowds ahead of the holidays, Dec. 1. — PHILIPPINE STAR/ EDD GUMBAN
“The growth slowdown in 2023 is premised on the fading of pent-up demand, alongside elevated inflation and higher interest rate environment that will temper domestic demand,” the World Bank said. “These external challenges have channeled through the Philippines in the form of high inflation, peso depreciation, and capital market volatility,” it added.The BSP’s average inflation forecast is at 5.8% this year, 4.3% in 2023, and 3.1% in 2024.ation to peak in 2023.
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