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Macroeconomic Parameters: Implications on the Proposed FY 2023 National Government Budget

This Budget Brief discusses the performance and prospects of selected macroeconomic parameters and their likely implications on the viability of the proposed 2023 national budget.  Among the macroeconomic parameters discussed are the following: (i) real GDP growth rate, (ii) inflation rate, (iii) interest rate (364-day Treasury bill rate), (iv) foreign exchange rate, (v) Dubai oil price, and (vi) unemployment rate.  The brief makes notable observations, including how with a promising first semester performance in 2022, the economy is poised to contribute significantly in raising government revenues after a slowdown caused by the Covid-19 pandemic.  It also warns of emerging downside risks that could temper prospects for a continued robust recovery. It recommends, among others, for government to focus on productivity-enhancing programs and projects specifically in education, public health, and research and development.


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