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1、BRACING FOR HEADWINDS,ADVANCING FOOD SECURITYDECEMBER 2022PHILIPPINES ECONOMIC UPDATEToCPhoto by:Aver Justin Parado/World BankPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedPhilippines Economic Update December 2022I IToCTable of Conten

2、tsExecutiveSummaryRecent Economic&Policy Dev1.1 Economic Growth1.2 External Sector1.3 Inflation&Monetary 1.4 Fiscal Policy 1.5 Employment and Poverty2.2 Poverty&Shared Prosperity2.3 Risks&Policy ChallengesEnsuring Food Security for all3.1Introduction3.2Effectiveness of Public Spending3.3Implications

3、 for financial&Func Dev3.4 An Action Agenda for AgricultureOutlook&Risks2.1 Growth Outlook The Philippines Economic Update(PEU)summarizes key economic and social developments,important policy changes,and the evolution of external conditions over the past six months.It also presents findings from rec

4、ent World Bank analyses,situating them in the context of the countrys long-term development trends and assessing their implications for the countrys medium-term economic outlook.The update covers issues ranging from macroeconomic management and financial-market dynamics to the complex challenges of

5、poverty reduction and social development.It is intended to serve the needs of a wide audience,including policymakers,business leaders,private firms and investors,and analysts and professionals engaged in the social and economic development of the Philippines.The PEU is a biannual publication of the

6、World Banks Macroeconomics,Trade,and Investment(MTI)Global Practice(GP),prepared in partnership with the Finance,Competitiveness and Innovation(FCI);Poverty and Equity;Social Protection and Jobs(SPJ);Agriculture Global Practice(Ag);and Governance Global Practices.Lars Christian Moller(Practice Manag