MANILA (Xinhua): The Asian Development Bank (ADB) maintained its gross domestic product (GDP) growth forecast for the Philippines at 6 per cent for this year and 6.2 per cent for 2024, according to an updated ADB report that has been released.
"Robust investment and private consumption drove growth by 6.4 per cent year on year in the first quarter of 2023, supported by rising employment, expanding production and retail sales, and brisk private and public construction," says the Asian Development Outlook (ADO) July 2023, an update of the ADO April 2023 report.
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