ADB raises growth forecast for Philippines to 6.5%
The Asian Development Bank (ADB) said the Philippine economy is forecast to grow faster than initially expected in 2022, following the relaxation of COVID-19 mobility restrictions, the expansion of the COVID-19 vaccination programme, and a rebound in investment and household consumption.
ADB raises growth forecast for Philippines to 6.5%. (Photo: The Star)
Kuala Lumpur (VNA) - The Asian DevelopmentBank (ADB) said the Philippine economy is forecast to grow faster thaninitially expected in 2022, following the relaxation of COVID-19 mobilityrestrictions, the expansion of the COVID-19 vaccination programme, and arebound in investment and household consumption.
The Asian Development Outlook 2022 Supplement saysthe Philippine economy will grow at least 6.5% in 2022, up from the bank'sApril forecast of 6%.
The growth projection for 2023 remains at 6.3%.Downside risks to growth in the second half of 2022 may come fromsharper-than-expected slowdowns in major industrial economies, possiblysustained elevated global commodity prices, and tighter financial conditions.
The Philippine economy's growth momentum hasaccelerated close to its ideal growth path, said the Manila-based bank'sPhilippines Country Director Kelly Bird.
Strong domestic demand supported by a pick-up inemployment and remittance inflows, private investment expansion, and largepublic infrastructure projects will underpin the country's recovery from the economicimpact of the pandemic, Bird added.
The ADB said wider COVID-19 vaccine coverage,with adolescents among those getting inoculated, and relatively mild healthimpacts from the Omicron variant have allowed the government to relaxrestrictions, which, in turn, spurred a resumption in expanded operations formost private businesses.
The unemployment rate in the country falls near pre-pandemiclevels, which is 6% in May 2022, downfrom 7.7% a year earlier.
The ADB forecasts inflation to quicken to 4.9% and 4.3% in 2022 and 2023, respectively, on the back ofhigher global commodity prices, up from the ADB's April forecast of 4.2% in 2022 and 3.5% in 2023.
The Philippine government's economic team slashedits GDP target band for 2022 to 6.5 to 7.5% from 7 to 8% early this month due to "recent externaland domestic developments."/.
The Philippine Government has recently said that it is looking to sign import deals with some of the world's biggest fertiliser suppliers, including China and Russia, to help lower costs and increase food production amid high inflation.
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ADB raises growth forecast for Philippines to 6.5%. (Photo: The Star) 
