PH GDP to grow by 6% in 2022 despite vulnerability to economic disruptions
The Philippine economy is projected to grow by six per cent this year despite still being vulnerable to pandemic-induced disruptions, according to management consulting firm GlobalSource Partners, Inc.
GSP said that they are factoring in the “greater willingness” of Filipinos to resume their activities amid the government’s relaxed protocols”
This is higher than GSP’s previous forecast of 5.5% but lower than the government’s seven to nine per cent target by year-end.
GSP added that obstacles to economic growth — such as weak labor markets, reduced fiscal and monetary policy, and supply chain disruptions — remain. The crisis in Ukraine could also impact the economy
The agency added that the higher confidence of the COVID-19 virus becoming endemic in the country “could boost economic growth and push tourism and education into recovery.
The Philippines’ Gross Domestic Product (GDP) expanded by 5.6% last year, reversing the 9.6% contraction in 2020.
