ADB Raises PH 2022 GDP Outlook to 7.4%

Regional development finance institution Asian Development Bank (ADB) sees faster growth for the Philippine economy as the development bank raises its gross domestic product (GDP) outlook for the country to 7.4 percent compared to its previous forecast of 6.5 percent.

ADB attributed the growth forecast for the Philippines in part due to domestic demand that proved to be stronger than projections as employment rose coupled with the resurgence of tourism in the country.

The new GDP forecast for the Philippines will make it the second fastest-growing economy in the Southeast Asian region, second only to Vietnam.

Moreover, the new GDP forecast for the Philippines is higher than the overall GDP growth forecast for the entire region, which was pegged at 5.5 percent.

ADB Philippines country director Kelly Bird said that the country had showcased its resilience with the new forecast.

“The Philippine economy has shown strong underlying growth momentum and resilience in 2022 and this is expected to continue in 2023, with GDP growth converging towards its longer term growth rate of about 6%,” Bird said.

This latest forecast for the country’s growth comes as the GDP of the country grew by 7.6 percent during the third quarter of 2022, which continues the growth of the country as seen in previous quarters of 2022 where in the GDP of the country was recorded at 7.5 percent during the first quarter and 8.2 percent in the second quarter of the year. (GFB)