MUFG Bank is expecting the Philippine gross domestic product (GDP) to grow by 6.5% this year, faster than the previous forecast of 6%. MUFG Bank analyst Sophia Ng said they would be reviewing its growth outlook for the Philippines in view of the economic slowdown in China due to its zero-COVID policy and strict lockdowns. Ng said that a reduction in demand from China will have a negative impact on the Philippines’ overall export growth, and the supply crunch will also raise import prices of goods in general, resulting in wider trade deficits in the coming months. If realized, this would be slower than the 7.8% growth in the October to December period, but would still mark the fourth consecutive quarter of growth for the economy.
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