Philippine economy forecast to grow 6% in 2022

GlobalSource Partners, Inc., a New York-based market research firm, expects the Philippine gross domestic product (GDP) to likely grow at a faster pace of 6% in 2022, higher than its previous 5.5% forecast. The forecast, however, is lower than the government’s 7-9% target. GlobalSource Partners said that among the factors they considered are the expanded vaccination coverage, the willingness among individuals to resume more normal activities, and the relaxed COVID-19 restrictions. It said that economic growth could be supported by higher confidence that COVID-19 is becoming more endemic, which would push tourism and education recovery. Risks to growth include more variants of the virus, along with geopolitical factors like the crisis in Ukraine. The Philippine economy expanded 5.6% for the full-year 2021.