NextGen Day

📈🌴 MANILA – The Asian Development Bank (ADB) has maintained its projection for the Philippine economy, forecasting it to be the fastest-growing in Southeast Asia this year.

In its ADB Outlook July Update, the bank predicts the country’s gross domestic product (GDP) will likely grow by 6.0 percent in 2023, outpacing other major Southeast Asian countries.

The ADB’s projections for the region are as follows: Indonesia (4.8 percent), Malaysia (4.7 percent), Singapore (1.5 percent), Thailand (3.5 percent), and Vietnam (5.8 percent).

The 6.0 percent GDP growth projection for the Philippines falls within the lower end of the government’s target range of 6 to 7 percent for this year.

Notably, the Philippine economy grew by 6.4 percent in the first quarter of 2023.

The ADB attributes this growth to robust investments, strong private consumption, rising employment, expanding production and retail sales, and active private and public construction.

Tourism has also rebounded, while the business process outsourcing and information services sectors have seen continued strength.

For 2024, the ADB predicts a growth rate of 6.2 percent for the Philippine economy.

According to Pavit Ramachandran, ADB country director for the Philippines, domestic investment and household consumption will continue to be major growth drivers.

Private consumption is expected to be bolstered by increasing employment and steady remittances from overseas Filipino workers, while public infrastructure spending and large projects will contribute to investment growth.

Services are also anticipated to sustain robust performance, with retail trade driven by private consumption and tourism supporting various sectors like hotels, restaurants, transport, and communication.

Ramachandran emphasized the need to strengthen the country’s economic recovery by focusing on infrastructure and human capital development, community resilience to climate change, and environmental protection.

Meanwhile, inflation is expected to settle at 6.2 percent this year and decline to 4 percent in 2024.

In contrast, the growth outlook for Southeast Asia as a whole has been downgraded, reflecting weaker global demand for manufactured exports despite steady domestic demand driven by improved labor market conditions and higher incomes.

The ADB’s positive outlook for the Philippines underscores the country’s resilience amid challenging times and the potential for continued growth in various sectors. 🌟📊🌏💼🏙️💸🚄🏝️

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