Weakening in global activity and global risks hindering Philippines growth

A general view of Metro Manila is seen on November 25, 2022. - AFP

MANILA, Dec 5 (Bloomberg): Philippine President Ferdinand Marcos Jr.’s economic team lowered its 2023 growth forecast as the global outlook worsens and domestic inflation hovers near a 14-year high.

Gross domestic product will probably expand 6%-7% next year from a previous projection of 6.5%-8%, the Development Budget Coordination Committee, which sets economic assumptions for fiscal purposes, said Monday. It left this year’s growth estimate of 6.5% to 7.5% unchanged.