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Philippines Economic Update, June 2023 : Securing Clean Energy Future / World Bank.
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Author/Creator:
- World Bank, author, issuing body.
- Series:
- Economic Updates and Modeling
- Language:
- English
- Subjects (All):
- Energy transition.
- Physical Description:
- 1 online resource.
- Other Title:
- Philippines Economic Update, June 2023
- Place of Publication:
- Washington, D.C. : The World Bank, 2023.
- Summary:
- The Philippine economy outperformed its regional peers, expanding by 6.4 percent in the first quarter of 2023. The continued release of pent-up demand as well as recovering labor market, steady remittances, and tourism rebound supported domestic activity. Weak global conditions, however, tempered external demand, which weighed on manufacturing and net exports. Domestic demand remained robust despite elevated inflation. To address inflationary pressure and anchor inflation expectations, the Bangko Sentral ng Pilipinas (BSP) has raised the key policy rate by an additional 75 bps since January 2023. Meanwhile, a decline in public spending led to a narrower fiscal deficit. With robust economic growth, unemployment declined despite higher labor force participation, but the quality of jobs remains a concern.
- Notes:
- Description based on publisher supplied metadata and other sources.
- Publisher Number:
- 10.1596/39858
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