The Philippine economy will remain on a recovery path in 2023, but it won’t be much of an improvement compared to prepandemic levels, and businesses need to shape up to be ready for the next possible episode of shocks, according to McKinsey & Co.
“The outlook [for the Philippines this year] is complex,” they said. “There are serious issues to address, but also reasons for optimism.”
However, other industries that are emerging as well as easing mobility restrictions are expected to support retail and construction, which are likely to experience continued recovery in 2023. Energy companies are primed to enjoy a rebound this year after a slower growth in 2022, but the stronger push for transition to cleaner resources will dampen this outlook.Potential challenges that the energy sector faces include rising oil and gas prices, supply-chain disruptions and the depreciation of the Philippine peso.
Yet, overall, the entire healthcare sector is faced with rising inflation—especially driven by wage hikes—supply-chain disruptions and a high turnover of workers that might push down the quality of healthcare.
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