Philippines 2022 GDP growth quickest in over 4 decades, but outlook challenging

Photo from: Reuters

By Reuters

The Philippine economy ended 2022 with the fastest growth in over four decades underpinned by a robust final quarter, but analysts and policymakers warn that a global slowdown and soaring inflation will make for a difficult year ahead.

Manila’s fourth quarter forecast-beating annual growth of 7.2% reported by the statistics agency compared with the 6.5% pace expected in a Reuters poll, and brought full-year expansion to 7.6%, the fastest since 1976 and above the government’s target of 6.5 to 7.5%.

Economic Planning Secretary Arsenio Balisacan attributed the stellar fourth-quarter performance to strong domestic demand, rise in jobs, and “revenge” spending following the lifting of pandemic curbs and full reopening in the last three months of the year.

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