PH GDP expected to be at 5% in 2021, 7.5% in 2022
The Philippine Gross Domestic Product (GDP) is seen to expand by five per cent in 2021 and is expected to increase by 7.5% this year, said Standard Chartered Bank economist for Asia and the Philippines Jonathan Kho.
In a virtual briefing, Kho disclosed that the projected quarter-on-quarter output for the 2021 Q4 is 6.5%, higher than 3.8% from the previous months.
The economist added that their 2022 growth projection is higher than their previous forecast of 6.5% as the economic reopening boosts employment growth, fiscal consolidation, and accommodative monetary policy.
Kho stated that after the Philippines got derailed by the Delta variant last Q2, it greatly recovered in the third quarter.
He noted that based on these figures, there will be a “pretty strong recovery” going forward.
The GDP projections for both years are within the Development Budget and Coordination Committee’s (DBCC) goal of a five to 5.5% expansion for 2021 and a seven to nine per cent growth for 2022.
