By Philippine News Agency
The Asian Development Bank (ADB) keeps its 6 percent growth outlook for the Philippine economy this year but sees a faster expansion of 6.2 percent for 2024, citing the expected slowdown of domestic inflation.
In a briefing, ADB Philippines Country Director Kelly Bird said among the drivers for this year’s gross domestic product (GDP) include the recovery of tourism, employment and retail trade; continued rise of the manufacturing sector; and the government’s bid to further increase infrastructure investment.
However, Bird said the risks remain due in part to the sharper-than-expected slowdown in advanced economies, increased geopolitical tensions and the still elevated rate of price increases.
He is optimistic the domestic economy “will grow at its potential this year and next and is on track toward its goal to become an upper middle-income country.”
“Like most other economies, the Philippines will be increasingly challenged by the impacts of climate change and the effects of emerging technologies on the labor market,” he added.
ADB’s growth forecast for the country this year is within the government’s 6 to 7 percent assumption, which is the same range until 2025.
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