Analysis by Region - Emerging Markets - Philippines

Analysis by Region - Emerging Markets - Philippines

For now, we've kept our Philippines GDP growth forecast at 3.9% for 2023 and 4.7% for 2024. But particularly in the short-term, risks are to the upside as we've upgraded our 2023 growth forecast for China to 5.5%, from 4.5% a month ago. Still, we don’t think this will boost the Philippines economy substantially, as the recovery in China will be led by domestic services, the sectors hit hardest by its zero-Covid policy.