Asian Development Bank lowers 2023 economic growth outlook for Philippines
epaselect epa10873547 A vendor spouts bubbles from one of the toys he sells at a town festival in San Mateo, Rizal province, Philippines, 21 September 2023. The Asian Development Bank (ADB) revised its Philippines economic growth forecast for 2023 from 6 percent Gross Domestic Product (GDP) in an April report down to 5.7 percent GDP based on its Asian Development Outlook September 2023 report. The ADB cited high inflation, observed in elevated food and oil prices as contributing to the revised outlook. EPA/ROLEX DELA PENA
