Economics
Philippines Cuts 2023 GDP Growth View as Global Outlook Dims
- Government uses 55-59 per dollar FX assumption for 2023 goals
- Inflation seen to cool from 2023 after quickening to 2008 high
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Philippine President Ferdinand Marcos Jr.’s economic team lowered its 2023 growth forecast as the global outlook worsens and domestic inflation hovers near a 14-year high.
Gross domestic product will probably expand 6%-7% next year from a previous projection of 6.5%-8%, the Development Budget Coordination Committee, which sets economic assumptions for fiscal purposes, said Monday. It left this year’s growth estimate of 6.5% to 7.5% unchanged.