AMRO, UN ESCAP project a 6% PH GDP growth this year
The Philippine Gross Domestic Product (GDP) is expected to grow above six per cent this year, said ASEAN+3 Macroeconomic Research Office (AMRO) and United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP).
In its latest regional economic outlook report, AMRO said the country’s economy will expand by 6.5% by year-end. Meanwhile, UN ESCAP projects a 6.3% growth in 2022.
AMRO Chief Economist Hoe Ee Khor said that the upturn in government and private spending once the economy fully-reopens could help boost the economy.
However, a possible resurgence of COVID-19 infections — especially after the May elections — could be the biggest threat in the country’s recovery.
The regional macroeconomic surveillance firm added that the Russia-Ukraine war, recurrence of global supply chain disruptions, and a “sharper-than-expected monetary policy normalization in the United States” could also affect the Philippines’ growth outlook.
At the same time, UN ESCAP Director of Macroeconomic Policy and Financing for Development Division Hamza Ali Malik stated that the reopening of borders could open more foreign job opportunities to Filipinos, allowing them to send more money that will support domestic consumption.
AMRO and UN ESCAP’s upgraded growth projections both fall below the government’s seven to nine per cent target this year.
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