Philippines tipped to grow fastest in East Asia and Pacific in 2023

An aerial view shows the Ortigas business district in Pasig City, Philippines. - Reuters

MANILA (Philippine Daily Inquirer/Asia News Network): The Philippines is now expected to grow the fastest in 2023 among developing economies in East Asia and Pacific (EAP), instead of Vietnam, according to the World Bank’s updated growth outlook for the region.

The World Bank said growth in EAP excluding China was projected to remain strong but slower at 5 per cent—forecast at 5.1 per cent last April—but still higher than the average growth for all other emerging markets and developing economies elsewhere in the world.