PH somewhat ‘insulated’ from global recession risks: Manulife
The Philippines is somewhat insulated from the prospect of global recession in 2023 due to its domestically-driven economy, Manulife Investment Management Head of Macro Strategy Sue Trinh said on Monday.
“Given the global recession or the fact that many advanced economies will be on recession, the problem for many emerging markets such as the Philippines is the declining foreign demand for export. Thankfully, for the Philippines, private consumption still accounts for around 70 percent of its GDP, it’s relatively insulated from that dynamic specifically,” Trinh said.
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