By Ted Cordero, July 19, 2023; GMA Integrated News

The Asian Development Bank (ADB) has maintained its growth outlook for the Philippines this year and 2024.

In the July 2023 edition of its flagship publication, Asian Development Outlook (ADO), the Manila-based multilateral lender said, “GDP (gross domestic product) forecasts are maintained at 6.0% in 2023 and 6.2% in 2024.”

This is the same level that the multilateral lender projected for the Philippines’ economic growth rate in the April 2023 edition of ADO.

The ADB’s forecast falls within the economic managers’ GDP growth projection of 6% to 7% for this year.

“Robust investment and private consumption drove growth by 6.4% year-on-year in first quarter 2023, supported by rising employment, expanding production and retail sales, and brisk private and public construction,” the lender said.

The economy, as measured by GDP, or the total value of goods and services produced in a specific period, grew by 6.4% from January to March 2023.

n April, the lender cited recovery in employment and retail trade, sustained expansion in the manufacturing sector, and rising public infrastructure spending as factors supporting the Philippines’ growth.

The ADB also maintained its growth projection for developing economies in Asia and the Pacific at 4.8% this year, “as robust domestic demand continues to support the region’s recovery.”

The lender noted that the reopening of China is bolstering the region’s growth.

“Asia and the Pacific continues to recover from the pandemic at a steady pace,” said ADB chief economist Albert Park.

“Domestic demand and services activity are driving growth, while many economies are also benefiting from a strong recovery in tourism. However, industrial activity and exports remain weak, and the outlook for global growth and demand next year has worsened,” said Park.