PH economy may have grown 9% in Q2
Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla believes that the Philippine economy may have grown by as much as nine per cent during the second quarter of the year.
In a press briefing, Medalla said that the economic activity during Q2 picked up compared to the previous quarter as most parts of the country were put under Alert Level 1. Consumption growth and capital formation have also been expanding and contributing to the growth of the economy.
According to the BSP chief, his GDP growth projection for the country this year is at seven per cent, the midpoint of the government’s 6.5% to 7.5% target.
He added that these targets are achievable due to the substantial foreign direct investments (FDIs) and consumer and business sentiment for 2022.
However, Medalla stated that the Philippines‘ outlook for 2023 could be affected by the expected slowdown in the global economy.
Last week, the International Monetary Fund (IMF) slashed its global growth forecasts to 3.2% and 2.9% for 2022 and 2023, respectively, due to inflation and the Russia-Ukraine war.
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