In its latest Philippines Economic Update (PEU) released this month, the World Bank reported that the country’s economic growth is projected to surge to 7.2% year-on-year in 2022, from the 6.5 percent growth projection published in the East Asia and Pacific Economic Update last October.
The higher projection for 2022 was brought about by “strong domestic demand buoyed by economic reopening and improved labor market conditions.”
“Robust domestic activity is driving growth in 2022, but the deteriorating global environment is spilling into the economy and tempering its growth prospect,” the report said. The country’s economic growth is expected to settle at an average of 5.7% in 2023 to 2025.
