Standard Chartered expects Philippine economy to grow by 7.5 pct in 2022

In a market in the Philippines (Photo: Internet)

Manila (VNA) – The UK’s Standard Chartered Bank on January 21 estimated that the Philippines’ economic growth reached 5 percent in 2021 and will rise to 7.5 percent in 2022.

Both gross domestic product (GDP) projections are within the inter-agency Development Budget and Coordination Committee’s (DBCC) assumption of a 5 percent to 5.5 percent expansion for last year and a 7 percent to 9 percent assumption for 2022.

In a virtual briefing the same day, Jonathan Kho, Standard Chartered Bank economist for Asia and the Philippines, said the projected quarter-on-quarter output for the last quarter of 2021 is 6.5 percent, attributing it to continued economic re-opening that boosts employment growth, fiscal consolidation, and accommodative monetary policy.

The domestic economy snapped from a five-quarter contraction starting in the second quarter of 2021 when it posted a growth of 12 percent, followed by a 7.1 percent expansion in the next three months./.