The Asian Development Bank (ADB) maintained its growth forecast for the Philippines at 6.0% in 2023 and 6.2% in 2024, citing resilient consumer spending and robust investment.
The projection falls within the lower end of the government’s GDP growth target of 6-7% for 2023 and would make the Philippines the fastest-growing economy in Southeast Asia.
However, the ADB also highlighted challenges in the tourism and business process outsourcing sectors, and revised its growth projections for Southeast Asia due to weakening global demand for exports.
