The economy may post a slowdown in growth in 2023 after an expected overall strong expansion this year, the country’s socioeconomic chief said.
Arsenio Balisacan, National Economic and Development Authority (NEDA) secretary, in a social media post said the economy may likely grow over seven percent for 2022.
In the first three quarters of the year, the economy expanded 7.7 percent.
The government has expressed confidence it is on track to achieving its growth target of 6.5 to 7.5 percent for 2022.
“We hear talks about the economy slowing down, along with the global economy, in 2023. After a likely over seven percent growth in 2022, yes, we may slow down, given still elevated external headwinds and internal challenges, but the economy will remain comparatively strong in 2023,” Balisacan said.
The Development Budget Coordination Committee has a growth assumption of 6.5 to eight percent in 2023, and until the end of the current administration’s term.
Meanwhile, in a statement yesterday, NEDA underscored the importance of effectively communicating the policies and strategies of the upcoming Philippine Development Plan (PDP) 2023-2028 to meet the administration’s goal of reinvigorating job creation and speeding up poverty reduction.
In a forum with government information and communication officers in preparation for the PDP’s completion next month, Balisacan stressed that collaboration among communication teams of offices within the government is an integral part of the whole-of-government approach for development planning.
NEDA highlighted the government must always ensure the communication of accurate and timely information to the public, especially on socioeconomic policies that have significant implications.
Alongside public consultations, effective communication can enable useful feedback from stakeholders such that programs and policies are adjusted to become more impactful, the agency said.
NEDA is now nearing the completion of the PDP 2023-2028 and is looking to present the plan to the President and his Cabinet in early December 2022.
