19-7-2023 (MANILA) The Asian Development Bank (ADB) has maintained its GDP growth forecast for the Philippines at 6 percent for this year and 6.2 percent for 2024, according to an updated ADB report released on Wednesday. The Asian Development Outlook (ADO) July 2023, an update of the ADO April 2023 report, noted that robust investment and private consumption drove growth by 6.4 percent year on year in the first quarter of 2023, supported by rising employment, expanding production and retail sales, and brisk private and public construction.
However, the report also revealed that net exports weighed down the country’s GDP, with merchandise export declining, partly offset by expansion in service exports. Nevertheless, the report states that tourism in the Philippines bounced back, and growth remained strong for business process outsourcing and information services. The Department of Tourism reported that over 2.4 million foreign travelers visited the country in the first six months of 2023, exceeding the number recorded in 2022.
The inflation forecast for the Philippines for 2023 and 2024 is maintained at 6.2 percent and 4 percent, respectively.
