The Philippine economy will remain “comparatively strong” in 2023 despite the expected slowdown during the period due to the remaining headwinds, Socioeconomic Planning Secretary Arsenio Balisacan said over the weekend.
In a tweet, Balisacan addressed talks of the anticipated downturn next year, in line with projections on global growth.
“After a likely over 7.0% growth in 2022, yes, we may slow down, given still external headwinds and internal challenges, but the economy will remain comparatively strong in 2023,” the country’s chief economist said.
The economy grew by 7.6% in the third quarter of the year, largely driven by wholesale and retail trade, financial and insurance activities, and construction. This brought the year-to-date average to 7.7%.
This follows the upwardly adjusted 7.5% in the second quarter, and downward revised 8.2% in the first three months of the year.
Just last week, Finance Secretary Benjamin Diokno said a recession is unlikely given the country’s “very young population.”
The inter-agency Development Budget Coordination Committee (DBCC) expects full-year economic growth between 6.5% to 7.5% for the year.
