PH poised to reach upper middle-income status in 2023
The Philippines is “likely” to achieve an upper middle-income status by next year, given the solid Q1 growth and the economic reforms implemented, said Socioeconomic Planning Secretary Karl Kendrick Chua.
In an interview with ABS-CBN News Channel (ANC), Chua said that the country is experiencing “one of the biggest bounce backs in the entire world” despite the COVID-19 pandemic.
In recent data released by the Philippines Statistics Authority (PSA), the Philippine economy expanded by 8.3% year-on-year from January to March, a massive turnaround from the 3.8% contraction in the same period last year.
Chua said the economy needs to grow by 6.6% in the next three quarters to achieve the full-year target.
Confident of its possibility, he explained that “the bulk of the growth is going to come from domestic demand” and a robust economic rebound.
The Philippines originally expected to hit the upper middle-income status by 2022, but the pandemic derailed this target.
