BusinessWorld E-paper
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September 28, 2022
THE WORLD BANK (WB) upgraded its growth forecast for the Philippines for this year and 2023, citing an “accommodative” fiscal policy conducive to recovering domestic demand despite a hawkish central bank and a pessimistic global economic outlook.
In its East Asia and the Pacific Economic Update report for October released on Tuesday, the Washington-based lender raised the Philippines’ gross domestic product (GDP) outlook to 6.5%, from the 5.7% given in April. This is at the lower end of the government’s 6.5-7.5% goal this year.