PH 2022 growth target downgraded to 7-8%
Several economic managers in the Philippines agreed to shift the country’s 2022 growth target from seven to nine per cent to seven to eight per cent.
In a virtual briefing, National Economic and Development Authority (NEDA) Secretary Karl Kendrick Chua said that this consideration is due to various external developments that could impact the country’s economy.
These ‘developmnets’ include the Russia-Ukraine conflict, the 75 basis points increase in the Federal Reserve’s policy rates, and the slower growth of the Chinese economy.
However, Chua stated that the negative impacts of these factors could be countered by the strong domestic economy.
“And the more we shift to Alert Level 1, begin face-to-face schooling, accelerate vaccination, especially of children and seniors, we can fully reopen the economy…,” he added.
Despite the slash in the growth target for this year, economic managers retained the 6-7 percent growth target for 2023 to 2025.
