The Marcos administration is sticking to its growth target for the domestic economy of 6 percent to 7 percent in 2023 despite private institutions and experts downgrading their forecast to less than 6 percent. | RonWDomingoINQ /PDI
The Asian Development Bank is more optimistic with a projection of 6 percent, albeit still below the government’s goal.ING Bank is more conservative with a forecast of “roughly 5 percent,” taking into account their expectation that consumer spending will lose steam next year.
“But an average GDP growth of 6.5 percent is nothing to be sneezed at—it is still one of the highest, if not the highest, growth rates among Asean+6 economies,” he added. He was referring to the Association of Southeast Asian Nations—the Philippines, Indonesia, Thailand, Malaysia, Singapore, Brunei, Cambodia, Laos, Myanmar and Vietnam—and its dialogue partners, China, Japan, South Korea, India, Australia and New Zealand.
Diokno also cited adequate buffers against external headwinds such as a hefty stock of international reserves; a more favorable economic environment that removes barriers to foreign investments and further opens economic sectors to foreign equity; the country’s young labor force; and the government’s commitment to continue and further expand the “Build, Build, Build” program.
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