As employment data improved and tourism recovered thanks to the lifting of COVID-19 mobility restrictions, the Asian Development Bank now expects Philippines’ gross domestic product to grow by 7.4 percent in 2022, better than its 6.5 percent forecast last September.
The ADB said growth in the Philippines will be at the high end of the range as compared with those of its Southeast Asian neighbors.
However, Philippine growth in 2023 is now expected to be lower at 6 percent from 6.3 percent previously.
Kelly Bird, ADB’s country director for the Philippines, said the lower 2023 forecast was due to risks that include inflation stickiness, further increases in interest rates, and a sharper than expected slowdown in GDP growth in advanced countries.