NOMURA HOLDINGS, Inc. has raised its Philippine gross domestic product (GDP) growth estimates for this year and 2024, though these were still below the government’s forecast. Full story:
PARKGOERS stroll through the Mehan Garden in Manila, Feb. 12. — PHILIPPINE STAR/MIGUEL DE GUZMAN
In the report “Philippines: A shallower growth dip,” Nomura Chief ASEAN economist Euben Paracuelles and analyst Rangga Cipta said the Philippine economy is now expected to grow by 5.5% this year, from 4.3% previously. “In addition, the relatively large upward revisions to our US and China GDP growth forecasts have a material impact on our Philippine forecasts via the export channel ,” Nomura said.
“Still, our 2023 GDP growth forecast is below the government’s target of 6-7%, on our view that domestic demand will likely be less resilient than in past global downturns because of persistently high inInflation as well as high food and energy prices pose downside risks to growth, while increased foreign direct investments and the quicker rollout of infrastructure projects are upside risks, Nomura said.“We therefore raised our 2023 inflation forecast to 5.6% from 4.
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