MANILA—Philippine economic growth may ease next year after a likely expansion of more than 7% this year as global risks linger, but it will remain resilient, a top official said on Sunday.
“We may slow down, given still elevated external headwinds & internal challenges, but the economy will remain comparatively strong in 2023,” Economic Planning Secretary Arsenio Balisacan said in a tweet.
The government is aiming for yearly gross domestic product growth of 6.5% to 8.0% between 2023 and 2028.
The economy would likely grow above the government’s 6.5%-7.5% growth target for 2022, Balisacan said on Nov. 10, following a faster-than-expected 7.6% annual expansion in the third quarter, underpinned by pent-up domestic demand.
That followed GDP growth rates of 7.5% in the second and 8.2% in the first quarter, boosted by the full reopening of the economy as the government continuously lifted COVID-19 restrictions, and despite soaring inflation.
The world’s largest investment banks expect global economic growth to slow further in 2023 following a year roiled by the Ukraine conflict and soaring inflation, which triggered one of the fastest monetary policy tightening cycles in recent times.
—Reporting by Enrico Dela Cruz; editing by David Evans