The International Monetary Fund slightly increased its global growth forecast to 3.0 percent in 2023 due to a resilient first-quarter 2023 global growth driven by the services sector. For 2024, the IMF retained the growth outlook at 2.9 percent.
The Asian Development Bank and the ASEAN+3 Macroeconomic Research Office retained their projections at 6.0 percent and 6.2 percent, respectively. AMRO maintained its stronger growth forecast for the Philippines at 6.5 percent in 2024. It predicted that the Philippines would have the second highest growth among ASEAN+3, next to Vietnam at 7.6 percent, which was revised upward from 7.1 percent.
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