Moody’s raises PH GDP estimate to 6.4%
The Philippines Gross Domestic Product (GDP) is expected to grow to 6.4% by the end of 2022, according to latest estimates by Moody’s Analytics.
Moody’s Analytics Chief Asia-Pacific Economist Steven Cochrane and the firm’s Philippine analyst Sonia Zhu explained that this increase partly reflects the “very strong growth” in Q4 2021 and the expected “strong and sustained recovery” of the local economy this year.
This latest figure shows a slight increase from the previous 6.1% estimates given by the global research firm.
However, this is still below the government’s seven to nine per cent goal.
Moody’s stated that they are confident for the Philippine’s economic recovery this 2022 following the easing of quarantine restrictions and the reopening of the country’s borders.
The new estimate also assumed that the impacts of the Ukraine-Russia war would only be feltthis quarter and would be quickly resolved over the next three months.
The analysts said due to the Philippines’ dependency on refined petroleum, “elevated prices will spill over to producer and consumer prices in the Philippines.”
Cochrane and Zhu said the government could enforce immediate and longer-term policies to address the impact of oil supply shocks.
