Gov’t cuts economic growth forecast for 2023 to 6-7%

The Philippine government's economic managers on Monday lowered the growth outlook for 2023, following a year of record-high inflation and the substantial weakening of the local currency. The inter-agency Development Budget Coordination Committee (DBCC) cut the growth forecast for the country's gross domestic product---which is used as a measure of the size and health of a country's economy---to 6-7 percent, from the original 6.5-8 percent. "This momentum is expected to slightly decelerate in 2023 and range from 6 to 7 percent considering external headwinds, such as the slowdown in major advanced economies," the DBCC said in a statement. The DBCC is comprised of the secretar...

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