Philippines Growth to Slow in 2023 Despite Q3 Pickup as Inflation Bites
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Marcos administration likely to miss 2023 GDP growth target of 6-7% despite faster Q3 growth. Forecasts range from 5.5-5.7%.
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Inflation remains a concern and will likely limit economic expansion in 2023.
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Q3 GDP grew 5.9% year-on-year, faster than previous quarters. But Q4 expected to slow.
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Government spending was front-loaded in Q3, so less expected in Q4.
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2024 GDP growth forecasts of 6.5-8% by government may be too optimistic given headwinds like inflation.