Growth target for 2023 cutMANILA, Philippines — The economic team of the Marcos administration expects external headwinds to take a toll on overall growth next year amid still-elevated commodity prices and slowdown in major economies. During yesterday’s briefing by the Cabinet-level Development Budget Coordination Committee (DBCC), the economic team slashed its 2023 gross domestic product (GDP) growth target to six to seven percent from the previous 6.5 to eight percent goal set in July. Finance Secretary Benjamin Diokno said the global slowdown was factored into the adjustment. Nonetheless, GDP is seen picking up from 2024 to 2028 and register a 6.5 to eight percent growth, the original target of the DBCC. We’re hoping that the global oil prices will stabilize next year,” Edillon said.

Source: Philippine Star December 06, 2022 03:56 UTC