The Philippine economy is set for a rebound in H2 2023, driven by increased infrastructure investments, tourism-related spending, and a projected slowdown in inflation, according to a report from First Metro Investment Corporation and University of Asia and the Pacific. The report forecasts full-year growth above 6% as inflation is expected to average 3.3% in Q4. Growth in the services sub-sectors, particularly transport, storage, accommodation, and food services, will also contribute to economic recovery, spurred by a revival in the tourism sector. Despite decelerated growth in Q1 2023, the Philippines remains on track to meet the government's 6-7% growth target. Challenges remain, however, with the peso under pressure due to a widening trade deficit and potential hikes in the Federal Reserve's key rates.
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