Philippines Highlights Economic Update
August 2023Robust domestic demand fueled 6.4 percent growth in the first quarter of 2023, countering weaker global demand.
After peaking in early 2023 inflation fell to 6.1 percent in May after the BSP tightened monetary policy, although it remains well above peer countries in ASEAN.
The medium-term fiscal consolidation plan is broadly on track with the fiscal deficit in 2022 narrowing to 7.3 percent of GDP and national government debt stabilizing around 61 percent of GDP.
Going forward, strong domestic demand will drive the economy to grow at 6.0 percent in 2023 and gradually move to its potential over the medium term.
worldbank.org
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