WB upgrades Philippines’ 2022 growth forecast to 7.2%
Driven by pent-up demand from consumers, the Philippine economy is forecast to grow 7.2% in 2022 before tapering off to an average of 5.7% in 2023, according to a report released by the World Bank on December 6.
Vehicles on a road in Manila, the Philippines (Photo: AFP/VNA)
Hanoi (VNA) – Driven by pent-up demand fromconsumers, the Philippine economy is forecast to grow 7.2% in 2022 beforetapering off to an average of 5.7% in 2023, according to a reportreleased by the World Bank on December 6.
The Philippines Economic Update said thisyear’s forecast rides on the momentum of a 7.7% growth rate in the first threequarters of 2022, buoyed by the removal of remaining restrictions on people’smobility and business operations and the recovery of incomes and jobs.
The latest project is higher than the 6.5% forecast issued bythe WB in September.
The report said the economy stays resilient despite anexternal environment full of challenges, noting that it is also facing aninternal challenge which is high inflation, standing at an average of 5.4% overthe last 10 months and hitting 7.7% in October.
The WB update revised the GDP growth forecast for 2023 downto 5.7% from the previous projection of 5.8%, premised on reducedconsumer demand, alongside high inflation and interest rates that are expectedto temper household spending and investments.
In addition, as global growth is expectedto decelerate next year, external demand from advanced economies, which are keybuyers of Philippines merchandise exports, will be subdued, the report noted./.
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The inter-agency Development Budget Coordination Committee (DBCC) of the Philippines on December 5 maintained the country’s GDP goal of 6.5-7.5% for 2022.
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Vehicles on a road in Manila, the Philippines (Photo: AFP/VNA) 
