PH’s economic outlook

December 6, 2022 People's Tonight 89 views

DESPITE the anticipated “global economic slowdown,” impoverished Philippines is still forecast to be the fastest growing economy in the Asia-Pacific region next year.

In fact, no less than members of the powerful Development Budget Coordination Committee (DBCC) expect the GDP growth in 2023 to range from 6.0 to 7.0 percent.

Actually, members of the DBCC shared their positive outlook for the domestic economy in line with Moody’s growth forecast for the Southeast Nation nation.

Reports said this is aligned with Moody’s growth projection of 6.4 percent, which will make the country the fastest-growing economy in the Asia-Pacific region.

As projected by Moody’s, the Philippines will be followed by Vietnam (6.1 percent), China (5.1 percent), India (5 percent), Indonesia (4.7 percent), Thailand (3.9 percent), and Malaysia (3.8 percent).

We agree with DBM Secretary Amenah F. Pangandaman that the proposed 2023 national budget will further boost the economy.

“Our budget is still anchored in the eight-point socio-economic agenda to develop human capital and fund infrastructure projects.” Pangandaman said last Monday.

The Department of Finance (DOF), on the other hand, is confident that the administration’s economic team will succeed in reaching Moody’s forecast of 6.4 percent growth.

Certainly, the forecast of Moody’s and DBCC is seen to excite other concerned government officials and employees to work even harder for the benefit of the people.

Kayang-kaya nating mapaunlad ang ating bansa basta meron lang tayong pagkakaisa.