Praying for the best this new year
The World Bank foresees the country’s economy to lose momentum in 2023, with the pace of expansion to slow down to 5.7% as soaring inflation and higher interest rates crimp domestic demand. (reuters.com)
The NEDA expects the economy to decelerate slightly in 2023 and range from 6.0 to 7.0 percent considering external headwinds such as the slowdown in major advanced economies. Poverty incidence is projected to improve gradually, likely reaching the 9% target of the administration by 2028. (dbm.gov.ph)
The forecasts made by the World Bank and the NEDA all show that the Philippines will not be able to sustain the economy’s growth as experienced in 2022 due to existing threats that will continue to dampen growth.
But hope springs eternal, as they say, even with the not-so-optimistic projections for the coming year.
As we welcome the year 2023, our fervent prayer is that the Russia-Ukraine war will soon end and the world’s powerful countries will realize that international cooperation is an antidote to mutually assured destruction that dominates the psyche of world leaders.
May peace pervade the geopolitics around the world as we pin our hope that the current roadblocks will no longer hinder our quest for a life abundant with God’s grace.
Happy New Year, one and all!