The World Bank on Tuesday upgraded its Philippine economic growth forecast for this year, but downgraded its projections for 2023 in line with the anticipated global economic slowdown.
According to World Bank senior economist Ralph van Doorn, economic growth for 2022 was hiked to 7.2% from the 6.5% projection in September, following the higher-than-expected performance in the third quarter.in the third quarter of 2022, up from the upwardly adjusted 7.5% growth recorded in the second quarter and the 7.0% in the third quarter of 2021.
For 2023, the World Bank said it now expects growth at 5.7%, lower than the 5.8% projection it made in September, citing the expected deceleration in global growth. “What we noticed is that the worsening conditions since the summer have really affected the global economy, have really affected our outlook of the economy, and the Philippines cannot escape gravity,” he added.
“On the domestic side there’s a risk of prolonged domestic inflation, which may dampen domestic household consumption and there’s still always a risk of another COVID-19 wave,” van Doorn said.inflation at a 14-year high of 8.
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