: Look For Any Latest News Published In The Philippines

: look for any latest news published in the philippines

Answer:

— Economic projections for 2023 and beyond

Explanation:

The BusinessWorld Economic Forum (BWEF) 2022 today, Nov. 29, has as its theme, “Forecast 2023: Opportunity in Uncertainty.” I want to contribute to the discussion on economic forecast and projections in relation to the recently concluded big annual conference, the UN Framework Convention on Climate Change (UNFCCC) 2022 or 27th Conference of Parties of UNFCCC (COP 27) in Egypt that ended on Nov. 19.

PROJECTIONS 2022 AND 2023

The Philippines had the deepest economic contraction in Asia in 2020 at -9.5%, followed by a mild recovery of 5.7% in 2021. This year, it is on the way to having the fourth fastest growth in East and South Asia at around 7.8%.

The multilaterals, especially the ADB through its Asian Development Outlook (ADO) September 2022 Update, and the IMF World Economic Outlook (WEO) October 2022 Update, have bad and low projections of only 6.5% Philippines growth this year, even if they knew that growth in quarters 1 and 2 (Q1, Q2) was already at 7.7%. When Q3 growth came out at 7.6%, it showed their projections as having archaic and ugly assumptions because they will now assume that Q4 growth will only be 2.9% — bad and unrealistic. My own projection for Q3, which I wrote in this column on Aug. 15, was 7-7.5% growth, and for Q4 is 7.5-8% growth.

This year will further cement the new trend that South East Asia and South Asia are the fastest growing regions in the world. Malaysia, the Philippines, Vietnam, and India will be the head of the pack (Table 1).

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