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News » Trade chief assures PH is safe from recession

Trade chief assures PH is safe from recession

MANILA, PHILIPPINES — Department of Trade and Industry chief Alfredo Pascual assured that the country will not suffer from recession this year. 

In a recent interview with DZRH, Pascual said that a recession would not mean the domestic economy would also contract. 

“The situation here in the Philippines is different as the business landscape has been good overall” due to strong consumer spending, Pascual said.

In 2022, the country fared quite well. The gross domestic product (GDP) growth last year is expected to be just short of the government’s 6.5- to 7.5-percent target. For 2023, economic managers are targeting slower growth of 6.0 to 7.0 percent.

Growth as of the end of the third quarter was 7.7 percent, already above the official 2022 target. Full-year results will be released by the government before the end of this month.

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