The Asian Development Bank has trimmed its growth forecast for the Philippines for this year, citing risks posed by extreme weather events that can drive up inflation and the slower growth in advanced economies.
The ADB ’s 2024 growth forecast for the Philippines, if achieved, would make the country the fastest growing economy, along with Vietnam, in Southeast Asia.MANILA, Philippines — The Asian Development Bank has trimmed its growth forecast for the Philippines for this year, citing risks posed by extreme weather events that can drive up inflation and the slower growth in advanced economies.
ADB principal country specialist Cristina Lozano said the growth forecast for the Philippines was downgraded due to the upside risk to inflation, with the extreme weather events likely to affect the country’s agricultural output and food prices. For next year, the ADB is forecasting a faster gross domestic product growth of 6.2 percent for the Philippines, following an expected easing of monetary policy after a series of rate hikes from 2022 until October of last year.
“The Philippines’ growth momentum is picking up speed, driven by the government’s efforts to improve budget execution, mobilize additional revenue and pursue reforms to boost the investment climate. Investments on large public infrastructure projects, as well as much needed social services, will boost government expenditures and bode well for the economy in the long run,” ADB Philippines country director Pavit Ramachandran said.
He said improving the ease of doing business, reducing red tape, streamlining some of the requirements for investments, as well as reducing some of the market barriers would help drive growth. The Bangko Sentral ng Pilipinas is seen slashing interest rates by as much as 100 basis points this year as easing inflation...
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