The Philippine economy is expected to grow above 6% this year, according to revised estimates by the ASEAN+3 Macroeconomic Research Office (AMRO) and United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP) released on Tuesday.

However, the upgraded growth projections are still below the government’s 7-9% target this year.

In its latest regional economic outlook report, AMRO said the Philippines’ gross domestic product (GDP) is projected to expand by 6.5% this year, slightly higher than the 6.2% estimate given in January.

The UN ESCAP, on the other hand, said Philippine GDP is expected to grow by 6.3% this year, a tad better than the previous estimate of 6%.

The economy expanded by 5.7% in 2021.

For 2023, AMRO’s growth forecast for the Philippines is 6.5%, within the government’s 6-7% goal.

Source: Business World, 13 April 2022

https://www.bworldonline.com/top-stories/2022/04/13/442125/phl-growth-forecast-upgraded-despite-risks/