The Asean+3 Macroeconomic Research Office on Tuesday reduced its 2022 growth forecast for the Philippines to 6.2 percent from the previous estimate of 6.7 percent, taking into account the continued uncertainties posed by the COVID-19 pandemic.
The 6.2-percent growth forecast for the Philippines this year is the second highest in the region, next to Vietnam’s 7.5 percent. This is followed by Malaysia, at 6 percent; Cambodia and Indonesia, 5.2 percent; Brunei, 4.1 percent; Singapore, 4 percent; Laos, 3.9 percent; Thailand, 3.6 percent; and Myanmar, 0.0 percent.
AMRO’s chief economist Dr. Hoe Ee Khor said the Philippine economy’s main driver of growth, which is consumption, was impacted last year by a series of lockdowns to stem the further spread of the virus.
“The Philippine economy is much more driven by consumption,” Khor said. He said with the reopening of the economy, the services sector and consumption would continue to drive economic growth in the months ahead.