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Philippines economic expansion to sustain through 2023-24: AMRO

The Philippine economy is anticipated to sustain its expansion in 2023, bolstered by a significant decrease in inflation and a reliance on consumer spending. The ASEAN+3 Macroeconomic Research Office (AMRO) has maintained its outlook on the Philippine economy, forecasting a 6.2% GDP growth this year, followed by 6.5% in 2024. A steep decline in consumer price growth to an average of 3.8% in 2024 is also projected. The service-driven nature of the Philippine economy, the lifting of mobility restrictions, and the contributions of overseas remittances to household incomes are seen as drivers of the optimism. In contrast, the ASEAN region's growth outlook has been revised downward due to global economic headwinds, with a 4.5% expansion anticipated in 2023.


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