Recovery still in the cards for Philippines in 2023: McKinsey

In the retail and construction industries, McKinsey said companies might be affected by the continuing monetary policy tightening. - AP

MANILA (Philippine Daily Inquirer/Asia News Network): The Philippine economy will remain on a recovery path in 2023, but it won’t be much of an improvement compared to prepandemic levels, and businesses need to shape up to be ready for the next possible episode of shocks, according to McKinsey & Co.

The US-based management consulting group said in a report that companies operating in the Philippines — especially those engaged in real estate; tourism; financial services; energy and health care — need to rethink how they deliver to customers and operate their businesses in anticipation of possible future disruptions.