The Philippine central bank revised its current account projections for 2022 and 2023 to take into account the weaker global growth outlook, elevated inflation and the domestic economy’s pace of expansion.
The Philippine central bank on Friday revised its current account projections for 2022 and 2023 to take into account the weaker global growth outlook, elevated inflation and the domestic economy’s pace of expansion.
For 2023, it expects a current account deficit of $19.9 billion, or 4.7% of GDP, compared with its earlier deficit forecast of $20.1 billion, or 4.5% of GDP. Central bank officials also took into consideration the positive outlook for the Philippine economy which was on track to meet its growth target of 6.5%-7.5% this year, with the pace of expansion forecast to remainThe central bank revised its balance of payments forecasts for both years, which are now expected to show a deficit of $11.2 billion in 2022 and $5.4 billion in 2023, wider than previous estimates.
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