The Philippines is expected to be the growth leader in Southeast Asia, the Asian Development Bank’s (ADB) update Asian Development Outlook predicts. The country’s growth forecast for 2023 is kept at 5.7%. This makes the Philippines the top performer as the outlook for Vietnam has been lowered to 5.2%.
For the Southeast Asian region, the growth is estimated to be 4.3%.
The report also shows that developing Asian economies overall are now expected to grow by 4.9% in 2023 thanks to improved expectations in China and India. Meanwhile, the outlook for next year is maintained at 4.8%.
The ADB said upgrades for China (5.2%) and India (6.7%) counter the lowering of the forecast for Southeast Asia, caused by poor performance in the manufacturing sector.
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