World Bank hikes Philippines’ 2022 GDP forecast to 7.2pc

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Driven by the release of pent-up demand from consumers, the Philippines’ economy is projected to surge to a 7.2-percent growth in 2022 before tapering off to an average of 5.7 percent growth in 2023, according to an updated World Bank report released on Tuesday.

This year’s forecast rides on the momentum of a 7.7-percent growth in the first three quarters buoyed by the recovery of incomes and jobs, among others, said the report Philippine Economic Update.

“The Philippine economy has remained resilient despite a challenging external environment,” said the report.

In September, the World Bank forecasted a 6.5 percent GDP growth this year in the Southeast Asian country.—Xinhua