THE ASIAN Development Bank (ADB) cut its gross domestic product (GDP) growth forecast for the Philippines this year, as elevated inflation dampens consumer spending.
In its latest Development Outlook report, the ADB trimmed its GDP growth outlook to 5.7% this year from the 6% projection it gave in April.
If realized, this would be below the government’s 6-7% target for this year, and slower than the 7.6% GDP expansion in 2022.
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