Moody’s Analytics cuts 2022 Philippines economic outlook to 6.1%

Moody’s Analytics has further lowered its economic outlook for the Philippines from 6.4% to 6.1% this year. It also retained its 5.4% growth forecast for the country in 2023. Moody’s Analytics Chief Asia Pacific Economist Steven Cochrane said the slight easing of the 2022 gross domestic product (GDP) forecast for the Philippines is due to the anticipated global economic slowdown. Cochrane also cited the slowdown in China’s economy due to weak domestic demand, policy changes affecting the property and technology sectors, as well as the recent coronavirus disease 2019 (COVID-19) lockdowns. He added that this may also reduce demand for Philippine exports. Cochrane said the country may see stronger growth prospects, depending on measures that will be put in place by the next administration.