DOF expects GDP growth of 7.4% in 2022
The Philippine economy is expected to grow by at least 7.4% with a “no-lockdown” scenario by next year, according to the Department of Finance (DOF).
In a recently released economic bulletin, the DOF stated that with the resurgence of domestic economic activity, the country’s real GDP (gross domestic product) “may return to pre-COVID-19 levels by 2022. In the [best] case scenario, it is expected that real GDP will grow by 7.4 percent in 2022.”
The agency added that the government’s seven to nine per cent 2022 GDP growth target for 2022 can be accomplished “with proper management of risks brought about by the COVID-19 pandemic and a calibrated gradual reopening of the economy but with strict adherence to the minimum public health standards.”
The latest official data has shown that the Philippine economy had an 11.8% boost in 2021’s Q2, its first uptick after five consecutive quarters of economic decline.
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