MANILA: The Asian Development Bank (ADB) said Wednesday in a report that the Philippine economy is forecast to grow by 5.7 per cent this year compared to the 6 per cent projection in the April report, reported Xinhua.
The country’s economic growth is expected to moderate this year due to inflation and global headwinds before picking up in 2024 as price pressures ease, according to ADB’s Asian Development Outlook in September 2023.The 2024 gross domestic product forecast is maintained at 6.2 per cent, with household consumption and public spending on infrastructure and social services contributing to the economy’s expansion, said the report.
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