The Philippine authorities’s financial managers on Monday lowered the expansion outlook for 2023, following a yr of record-high inflation and the substantial weakening of the native foreign money.
The inter-agency Development Budget Coordination Committee (DBCC) minimize the expansion forecast for the nation’s gross home product—which is used as a measure of the dimensions and well being of a rustic’s economy—to 6-7 p.c, from the unique 6.5-8 p.c.
“This momentum is anticipated to barely decelerate in 2023 and vary from 6 to 7 p.c contemplating exterior headwinds, such because the slowdown in main superior economies,” the DBCC mentioned in a press release.
The DBCC is comprised of the secretar…
Keep on studying: Gov’t cuts financial development forecast for 2023 to 6-7%