The World Bank raised its gross domestic product (GDP) outlook for the Philippines to 7.2 percent this year from an earlier projection of 6.5 percent in September.
The World Bank raised its gross domestic product outlook for the Philippines to 7.2 percent this year from an earlier projection of 6.5 percent in September.
“Strong domestic demand is driving growth, which is more than compensating for the unfavorable global environment,” World Bank said. However, World Bank said 2023 will be a different story as unfavorable developments overseas are seen to spill into the domestic economy and temper the growth.Next year growth outlook is “premised on the fading of pent-up demand, alongside elevated inflation and higher interest rate environment that will temper domestic demand,” World Bank said.
“As global growth is expected to decelerate next year, external demand from advanced economies, which are key buyers of Philippines merchandise exports, will be subdued,” World Bank said.
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