DAVOS, SWITZERLAND – President Bong Bong Marcos confidently set a higher target for economic growth of the Philippines this year despite all the global issues.
He emphasized the growth could be around 7 percent but the actual projection is 6.5 percent.
“We project our economy to grow by around 7 percent in 2023. Our actual projection is 6.5 but there are signs that we might be able to surpass that,” President Bong Bong Marcos said on the second day of the World Economic Forum annual conference.
It was after his chief private sector said that the Philippines could be the “next big thing” in Asia under Marcos administration.
“I think Philippines is really gonna be the next big thing in Asia. We are very excited to work with the government today because we see that they really appreciate the private sector,” President Marcos’ Chief of Private Sector Advisory Council Sabin Aboitiz said.
He added that digitalization for example cannot be done by the government alone, it needs help from the private sector, starting from collective talent and knowledge all over the world.
Further, the President said that because of the country’s strong macroeconomic fundamentals, structural reforms, fiscal discipline, and liberalization of key sectors over the years, it survives despite the negative shocks due to the pandemic and other economic problems.
He even introduced investment opportunities to the country such as renewable energy, transportation, agro-processing, several public-private partnerships, and infrastructure developments.
On the other note, the International Monetary Fund expects that global economic growth will soften to 2.7 percent compared to last year’s 3.2 percent and 6 percent in 2021.
