Macro - Country Economic Forecasts - Philippines
We have kept our GDP growth forecasts for the Philippines at 6.8% for 2022 and 5.8% for 2023, but downside risks have risen due to lockdowns in China, which will worsen supply chain disruptions. This will further dampen foreign trade prospects amid the ongoing fallout from the Russia-Ukraine war. Partly offsetting the more cautious outlook for trade is the recovery in domestic demand. Despite higher inflation, we look for consumer spending, particularly on services, to improve and investment to strengthen following the disruptions to activity last year.
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