Philippines likely to be fastest growing in APAC next year

Moody’s Investors Service said the Philippines is likely to lead economic growth in the Asia-Pacific region next year. The debt watcher, in its report, said pent-up demand by firms and households for goods and services will support growth next year, along with government fiscal policy that is promoting education, public health, and a return to infrastructure development. The country exited the pandemic-induced recession with a GDP growth of 5.7% in 2021. The economy managed to sustain the momentum as GDP growth averaged 7.7% from January to September, faster than the 6.5% to 7.5% target set by economic managers. Moody’s expects the Philippines to post the fastest GDP growth in the region with 6.4% next year. The projected GDP growth for the Philippines next year is lower than this year’s forecast of 6.7%.