The bank said, however, growth would likely taper off to an average of 5.7 percent in 2023 because of the elevated inflation and higher interest rates. This was contained in the latest Philippine Economic Update released to the media. READ:
the 6.5-percent estimate it made in September on expected higher consumer demand amid the reopening of the economy.
The reopening has benefitted the services sector, and government spending on infrastructure fueled the growth of construction and industry, it said. He also said shocks from the COVID-19 pandemic had worsened child malnutrition and stunting and hampered student learning especially among the poor and most vulnerable families.
Inflationary pressures came from multiple fronts including elevated global commodity and energy prices, disruptions in international supply chain and logistics, depreciation of the peso and domestic supply constraints due to low farm productivity and recent floods and typhoons.
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