Hanoi (VNA) – The inter-agency DevelopmentBudget Coordination Committee (DBCC) of the Philippines on December 5maintained the country’s GDP goal of 6.5-7.5% for 2022.
The committee at the same time cut the forecast for 2023 to6-7% from earlier 6.5-8% amid external headwinds.
According to the DBCC, the reopening of the economy stimulated domestic demand and improved services and industry sectors, enablingthe Philippines to register a 7.7% GDP growth rate for the first three quartersof the year, surpassing the target for the whole 2022.
However, the committee predicted that the growth momentumwill slightly decelerate in 2023 due to external headwinds such as the slowdownin major advanced economies.
It added that growth is expected to pick up in 2024-2028 at6.5-8% as the country’s government pushes for interventions such as modernisingagriculture and agri-business, revitalising the industry sector, andreinvigorating the service, among others.
The average inflation rate assumption for 2022 is expected to slightlyincreased to 5.8% from the previous assumption of 4.5%-5.5% due to thepersisting high prices of food and transport costs. The inflation is expectedto moderate in the medium term, reaching 2.5-4.5% in 2023 before returning tothe target range of 2-4% in the 2024-2028 period.
Philippine Budget Secretary Amenah Pangamdaman, the team'schairperson, said that the Philippine government commits to taking actions tomitigate the lingering effects of the COVID-19 pandemic and impact of thegeo-political tensions amid the sharp inflation increase this year./.
The committee at the same time cut the forecast for 2023 to6-7% from earlier 6.5-8% amid external headwinds.
According to the DBCC, the reopening of the economy stimulated domestic demand and improved services and industry sectors, enablingthe Philippines to register a 7.7% GDP growth rate for the first three quartersof the year, surpassing the target for the whole 2022.
However, the committee predicted that the growth momentumwill slightly decelerate in 2023 due to external headwinds such as the slowdownin major advanced economies.
It added that growth is expected to pick up in 2024-2028 at6.5-8% as the country’s government pushes for interventions such as modernisingagriculture and agri-business, revitalising the industry sector, andreinvigorating the service, among others.
The average inflation rate assumption for 2022 is expected to slightlyincreased to 5.8% from the previous assumption of 4.5%-5.5% due to thepersisting high prices of food and transport costs. The inflation is expectedto moderate in the medium term, reaching 2.5-4.5% in 2023 before returning tothe target range of 2-4% in the 2024-2028 period.
Philippine Budget Secretary Amenah Pangamdaman, the team'schairperson, said that the Philippine government commits to taking actions tomitigate the lingering effects of the COVID-19 pandemic and impact of thegeo-political tensions amid the sharp inflation increase this year./.
VNA
