The Philippine economy is now expected to grow by 5.5% this year, from 4.3% previously, according to a report published by Nomura Holdings. The expectation, however, remains still below the government’s forecast. Nomura also hiked its GDP growth projection to 6.3% for 2024 from 6%. Both estimates are still below the government’s 6-7% target for 2023 and the 6.5-8% goal for 2024. Nomura raised its GDP growth estimate for China to 5.3% this year from 4.8%, while it sees the US economy expanding by 0.7% from 0.1%. Nomura said its 2023 GDP growth forecast is below the government’s target of 6-7% on view that domestic demand will likely be less resilient than in past global downturns.
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