According to ADB cuts PH growth forecast for 2023 | Inquirer Business, the Philippines' projected GDP growth rate for 2023 was reduced by the Asian Development Bank from 6 percent to 5.7 percent, while the projection for 2024 remained at 6.2 percent.
According to an update of its Asian Development Outlook 2023 Report, ADB, high inflation, geopolitical tensions, and a sharper-than-expected slowdown in major advanced economies will all cause the Philippine economy's growth in 2023 to moderate from 7.6 percent in 2022, which is even less than previously predicted.
According to Pavit Ramachandran, the national director for ADB in the Philippines, the development narrative for the country is still positive despite a predicted deceleration in 2023.
According to ADB cuts PH growth forecast for 2023 | Inquirer Business, Ramachandran said in a statement that the low unemployment rate, the continuous rise in remittances from Filipinos living abroad, and the booming services sector, notably tourism, will boost development.
Large government infrastructure initiatives should increase consumer spending, create more employment, and encourage more investment.