By Ronnel W. Domingo, September 20, 2023; Inquirer

MANILA – The Asian Development Bank revised downward its gross domestic product growth forecast for the Philippines to 5.7 percent in 2023 from the 6 percent forecast last April, and maintained a 6.2-percent outlook for 2024.

In an update of its Asian Development Outlook 2023 Report, ADB said expansion of the Philippine economy in 2023 will moderate — from 7.6 percent in 2022 — even more than previously expected because of high inflation as well as geopolitical tensions and a sharper-than-expected slowdown in major advanced economies.

“The Philippines’ growth story remains strong despite an expected moderation in 2023,” said ADB Philippines Country Director Pavit Ramachandran,” said Pavit Ramachandran, ADB’s country director in the Philippines.

“Public investment and private spending fueled by low unemployment rate, sustained increase in remittances from Filipinos overseas, and buoyant services including tourism will support growth,” Ramachandran said in a statement.

“The government’s large infrastructure projects should further stimulate consumption, boost jobs, and spur more investment.”