ECONOMIC GROWTH is expected to moderate this year with inflation serving as a dampener on consumption, Standard Chartered Bank said on Tuesday.
PHOTO BY BERNARD HERMANT
Standard Chartered sees inflation averaging 4.8% this year, above the central bank’s 4.5% projection. The bank said it expects the Bangko Sentral ng Pilipinas to hike rates by another 50 basis points in the first quarter. Household consumption surged 8.3% last year from 4.2% in 2021, mainly driven by restaurant and hotel spending.
“There’s a lot of room for catch up. The one that has not recovered is investment. But if we look at recent indicators like capital goods, imports, it’s not reflecting any recovery,” he added.“We saw how the momentum for electronics exports faltered. It’s our view that the electronics sector is not going to be supportive of exports in 2023 due to the sector entering a downcycle,” he added.“Services exports should help support growth in 2023. We saw some of that in the third and fourth quarters.
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