The Philippines, along with Vietnam, is expected to grow fastest among Southeast Asian economies next year even as the bloc’s expansion will slow down, according to Moody’s Analytics.
The research firm said in a report the Asia-Pacific economy was slowing as trade slows and China struggles amid stubborn inflation.
Even so, a recession across the Asia-Pacific region is not expected in 2023 even as anticipated slower growth in Europe and North America will become a drag to the region’s growth.
“The Philippines will feel the lagged effect of post-pandemic reopening as it had the longest continuous lockdowns of any country in the region,” Moody’s Analytics said.
“Thus, pent-up demand by firms and households for goods and services will support growth next year, as will government fiscal policy that is promoting education, public health, and a return to infrastructure development,” it added.
Earlier this week, Goldman Sachs said similarly that Philippine growth would be slower in 2023, but for the opposite reason.
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