NextGen Day

For the full years of 2022 and 2023, the ASEAN+3 Macroeconomic Research Office (AMRO) has updated its economic growth outlook for the Philippines.

Hoe Ee Khor, the chief economist at AMRO, stated in a press conference on Tuesday that the Philippines experienced excellent GDP growth in the third quarter of 2022 and robust economic activity in the fourth.

The Philippine GDP growth prediction increased from 6.9 percent in the previous edition in October 2022 to 7.3 percent in AMRO’s quarterly update of the ASEAN+3 Regional Economic Outlook (AERO).

In 2022, the Philippine economy will be one of the strongest in the ASEAN+3 (China, Japan, South Korea) area, only trailing Vietnam and Malaysia in terms of GDP projection.

On the other hand, AMRO decreased its GDP prediction for the Philippines in 2023 from 6.3 percent in its October 2022 report to 6.2 percent.

The Philippines is still regarded as one of the region’s top-performing countries, according to Khor, despite the fall in GDP projection for this year.

He continued by saying that, with the exception of Cambodia, which has a stable view, and Vietnam, which has a higher GDP estimate, the small modification in the Philippines’ economic outlook is consistent with changes in the majority of the ASEAN+3 region’s economies.

From a very high growth last year, “we predict a stabilization of growth this year,” he said.

The greater rate of price growth for goods and services, according to AMRO’s chief economist, continues to pose a danger to the Philippine economy in 2023.

Because the Philippines does not have rice subsidies like other nations do, inflation is relatively significant, according to Khor.

He continued by saying that the AMRO is in favor of the Bangko Sentral ng Pilipinas’ (BSP’s) anti-inflationary monetary policy.

AMRO predicted that the Philippines’ inflation rate will peak in 2022 at 5.8%, up 0.7 percentage points from its prior prediction of 5.1 percent, before falling to 4.3 percent this year.

The ASEAN+3 region’s inflation and GDP growth are now at risk due to the oil price boom, according to the most recent analysis by AERO.

A more virulent Covid-19 (coronavirus disease 2019) strain, a slower-than-anticipated recovery in China, and a more pronounced recession in the United States are additional short-term challenges for the area.

Save/Share this story with QR CODE

---

Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

📩 Need to get in touch?

📩 Feel free to Contact NextGenDay.com for comments, suggestions, reviews, or anything else.

---

We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

---