THE GOVERNMENT should diversify its major growth drivers to rely less on consumption as household spending is seen to slow amid a potential global recession, analysts said. READ:
diversify its major growth drivers to rely less on consumption as household spending is seen to slow amid a potential global recession, analysts said.
On the demand side, household consumption was the biggest contributor to gross domestic product growth last year. Restaurant and hotel spending contributed the most to household expenditures amid the reopening of the economy.ng in London last week that the Philippines is seen as a destination for investments due to its “rising consumption.”
The World Bank expects global growth to decelerate this year due to the fading of pent-up demand, elevated ination, and prolonged impact of the Russia-Ukraine crisis. The multilateral lender trimmed its Philippine GDP growth projection to 5.7% for 2023-2025, from 5.8% previously.
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