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Sunday, November 24, 2024

Home Business Stronger domestic demand to fuel Philippine growth at 6.0pc in 2022

Stronger domestic demand to fuel Philippine growth at 6.0pc in 2022

by News desk
April 7, 2022
in Business

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The Philippines’ economic recovery is expected to grow by 6.0 percent in 2022, further by 6.3 percent in 2023, driven by rising domestic investment and consumption as pandemic restrictions eased, according to a report released by the Asian Development Bank (ADB) on Wednesday.

Asian Development Outlook 2022, the Manila-based bank’s flagship economic publication, says the government measures issued last month to reopen the economy, lift mobility restrictions, expand COVID-19 vaccination, and relax international travel restrictions will boost the services sector in the Southeast Asian country.— Xinhua