• The Philippines is now expected to be the growth leader in Southeast Asia, the overall prospects for which have deteriorated over the past three months due to sluggish manufacturing activities.
  • On the other hand, the Asian Development Bank’s (ADB) update of its Asian Development Outlook released on Wednesday showed that developing Asian economies overall are now expected to grow by 4.9 percent in 2023 thanks to improved expectations in China and India.
  • This is faster compared to the forecast of 4.7 percent made in September. Meanwhile, the outlook for next year is maintained at 4.8 percent.