Hanoi (VNA), Dec. 6 -- The inter-agency Development Budget Coordination Committee ( DBCC ) of the Philippines on December 5 maintained the country's GDP goal of 6.5-7.5% for 2022.
The committee at the same time cut the forecast for 2023 to 6-7% from earlier 6.5-8% amid external headwinds.
According to the DBCC, the reopening of the economy stimulated domestic demand and improved services and industry sectors, enabling the Philippines to register a 7.7% GDP growth rate for the first three quarters of the year, surpassing the target for the whole 2022.
However, the committee predicted that the growth momentum will slightly decelerate in 2023 due to external headwinds such as the slowdown in major advanced economies.
It added that growth i...