PH should continue with growth to maintain momentum says AMRO

THE ASEAN+3 Macroeconomic Research Office (AMRO) said that the Philippine economic growth should continue to have a robust outlook amid the high inflation and the weaker external demand.

"The Philippine economy maintained its robust growth momentum in the first three quarters of 2023, following a multi-decade high of 7.6 percent in 2022," AMRO said 

According to a statement from the company in the 2023 Annual Consultation Report on the Philippines, they said that the gross domestic product (GDP) grew by 5.9 percent in the third quarter of the year, bringing the year-to-date economic growth to 5.5 percent.

"GDP growth was robust in the first three quarters of 2023. Despite weaker external demand, the growth momentum is expected to be sustained by resilient household consumption reflecting an improving labor market, lower inflation, robust overseas remittances, and higher government infrastructure spending," AMRO said.

However, for this year, the AMRO said that they are expecting the Philippine economy to moderate to 5.6 percent due to high base effects and weaker external demand, before edging up to 6.3 percent in 2024 as external demand recovers.

They forecast the inflation to remain high this year.

This is due to the buoyant demand and supply shocks.