The Asian Development Bank (ADB) on Wednesday maintained its growth outlook for the Philippines for 2023 and 2024.

In its Asian Development Outlook on Wednesday, the ADB said the economic outlook remains at 6 percent in 2023 and 6.2 percent in 2024.

It said inflation will be at 6.2 percent at 2023 before easing to 4 percent at 2024.

''Inflation is projected to decelerate in the second half of 2023 and through 2024 as the series of monetary policy tightening take effect and global commodity prices ease,'' ADB said.

Robust investment and private consumption drove growth in the first quarter of the year and these were supported by increasing employment, expanding production and retail sales, and fast private and public construction, the ADB said.

It also noted that net exports negatively impacted gross domestic product (GDP).

“Merchandise export declined, partly offset by expansion in service exports,” ADB said.

According to the ADB, the tourism sector recovered and growth for business process outsourcing and information processes stayed strong. Jaspearl Tan/DMS