‘High inflation, rates to stymie growth goals’ | Cai U. Ordinario

HIGH inflation and interest rates are expected to prevent the Philippines from hitting its growth target this year, according to the latest economic brief from Maybank.

“We expect Philippines’s real GDP 2023 growth to ease to 5.5 percent as we see growth being affected by global economic downturn and domestic headwinds due to the combo of elevated inflation and interest rates,” Maybank said. The economic brief also cited the constraints identified by survey respondents, topped by high interest rates. Maybank noted that rising interest rates are expected to dampen business sentiment and job creation moving forward. However, Maybank noted the improvement in the recent employment numbers. Given this, Maybank expects the unemployment rate to continue improving.

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