The ADB. The Philippines’ growth rate set up at 6.0% for 2022

The Asian Development Bank (ADB) released its latest Asian Economic Outlook on April 6. The real gross domestic product (GDP) growth rate in the Philippines in 2022 was set up at 6.0 percent from the previous year (December 2021). It predicted that the growth rate would increase to 6.3 percent in 2023. The Philippines’ GDP growth rate was negative by 9.6% in 2020 due to the spread of the Covid-19 infection. In 2021, deregulation helped the economy to recover to a positive growth rate of 5.6%. The ADB expects the recovery to continue in 2022, supported by increased consumer spending and investment. However, they pointed out the uncertain world conditions and rising prices due to Russia’s invasion of Ukraine, as well as slowing economic growth at major export destinations. It is 0.2 percentage points lower than last time and 11 Southeast Asian countries forecast growth of 4.9 percent in 2022. In 2023 it is expected to grow 5.2 percent.

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