Philippine growth unexpectedly slows as inflation risks rise
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Philippine economic growth unexpectedly slowed to 2.8% in Q1, below the 3.3% forecast, amid rising inflation and investment decline. Consumer spending rose 3%, while government spending increased by 4.8%. The economy is impacted by high energy costs from the Middle East conflict and a corruption scandal affecting public investment. The central bank faces challenges in supporting the economy due to peso weakness and surging prices. The growth rate lags behind regional neighbors like Indonesia and Vietnam, with inflation soaring past 7%.
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