{"id":52501,"date":"2022-08-11T15:12:29","date_gmt":"2022-08-11T07:12:29","guid":{"rendered":"https:\/\/news.outsourceaccelerator.com\/?p=52501"},"modified":"2022-08-11T15:12:29","modified_gmt":"2022-08-11T07:12:29","slug":"ph-likely-to-hit-2022-growth-targets-moodys-analytics","status":"publish","type":"post","link":"https:\/\/news.outsourceaccelerator.com\/ph-likely-to-hit-2022-growth-targets-moodys-analytics\/","title":{"rendered":"PH likely to hit 2022 growth targets \u2014 Moody\u2019s Analytics"},"content":{"rendered":"
Financial services company Moody\u2019s Analytics believes the Philippine economy has a high chance of achieving its full-year growth target of 6.5% to 7.5% by the end of 2022, despite soaring inflation and a sluggish jobs market.\u00a0<\/span><\/p>\n This statement follows the Philippine Statistics Authority\u2019s (PSA) report of a 7.4% GDP expansion in the country during Q2.\u00a0<\/span><\/p>\n Meanwhile, Socioeconomic Planning Secretary Arsenio Balisacan said the economy would need to grow by 5.3% in the second half to achieve the 6.5% target.\u00a0<\/span><\/p>\n \u201cTo hit the 7.5% goal, he said GDP would have to expand by an average of 7.2% in the second semester,\u201d he added.\u00a0<\/span><\/p>\n Moody\u2019s Analytics added that policy rate hikes would likely impact growth this year.<\/span><\/p>\n Meanwhile, as inflation continues to bite, household spending may be vulnerable in the second half.<\/span><\/p>\n PSA\u2019s second-quarter data showed household consumption expanded 8.6% year-on-year, but contracted 2.7% quarter-on-quarter, reflecting the impact of soaring inflation on domestic demand.<\/span><\/p>\n