The Asian Development Bank (ADB) raised this year’s growth forecast for the Philippines on stronger-than-expected domestic demand, but it expects the expansion to move at a much slower pace next year due to financial tightening and global headwinds.
The Asian Development Bank raised this year’s growth forecast for the Philippines on stronger-than-expected domestic demand, but it expects the expansion to move at a much slower pace next year due to financial tightening and global headwinds.
“The Philippine economy is forecast to grow faster than previously expected in 2022 supported by stronger-than-expected domestic demand spurred by rising employment and a recovery in tourism after the country lifted Covid-19 mobility restrictions,” ADB said. According to the ADB, growth in the Philippines will be at the high end of the range as compared with those of its Southeast Asian neighbors.
Kelly Bird, ADB Philippines country director said the local economy has shown strong underlying growth momentum and resilience in 2022, which is expected to continue in next year.
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