AMRO Cuts Philippine 2023 Growth Forecast

The ASEAN+3 Macroeconomic Research Office (AMRO) has cut down its projected gross domestic product (GDP) for the Philippines in 2023.

This comes as the Philippines faces challenges with inflation amid a looming global recession.

AMRO however, kept its growth projection of the Philipines the same.

AMRO released its Regional Economic Outlook Update on Thursday, saying that it kept its projection at 6.9 percent in 2023, well within the government target of 6.5 percent to 7.5 percent.

What AMRO slashed is the GDP forecast of the country for 2023 from 6.5 percent down to 6.3 percent.

This is consistent with the slashed global outlook.

AMRO Chief Economist Hoe Ee Khor said in a virtual presser that all countries are facing economic challenges.

“We expect a slowdown in the US and maybe a recession in Europe. Because of that, the external demand is much weaker,” Khor said.

He added that remittances, a major artery for the Philippine economy, may be affected as world economic powers experience headwinds.

Khor also emphasized the high inflation rate of the country and its impact as inflation in the country surged further to 6.9 percent in September. (GFB)