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November 28, 2023

ADB raises PH growth prospects amid rising inflation

The international institution raised its growth forecast for the country.

The Asian Development Bank released a revised projection for the Philippines’ growth prospects following an economic expansion in the first half.

In an update to the Asian Development Outlook ADB said gross domestic product will grow 6.5 percent this year, better than 6.0 percent projection from the previous report. ADB said that improving domestic demand raised the economy’s recovery trajectory.

ADB’s new projections also show that the Philippines and Vietnam would grow the fastest this year in the region.