The economic system of the Philippines skilled a 6.4% expansion within the first quarter in comparability with the previous yr, according to the country’s statistics company. This development surpasses expectations, with analysts previously predicting a 6.1% annual growth in the gross domestic product (GDP). On Illegal , growth slowed to 1.1% compared to the sooner reported 2.4% enlargement within the previous quarter.
The stronger-than-anticipated financial progress within the Southeast Asian country aligns with the government’s goal of 6.0% to 7.0% for 2023. The country’s Economic Planning Secretary commented throughout a press conference that the Philippines is now returning to its high-growth trajectory despite global headwinds. However, potential rate of interest hikes by the central bank might dampen future progress..