Amro raises PH 2022 growth forecast to 6.5%

The Asean+3 Macroeconomic Research Office (Amro) has raised its 2022 growth forecast for the Philippines to 6.5 percent from 6.2 percent, while projecting the same growth rate for 2023.

Amro noted that the Philippine economic recovery is on track and expected to accelerate due to relaxed mobility restrictions and ongoing policy support.

The organization's growth projection for 2022 falls below the government's target of 7 to 9 percent, but its 2023 estimate aligns with the government's goal of 6 to 7 percent.

Siu Fung Yiu, Amro's lead economist, emphasized that sustained fiscal support and a high vaccination rate are crucial for maintaining an open economy and recovery momentum.

For 2022, public expenditure is expected to be the primary driver of growth, with the private sector's recovery gaining traction as the economy reopens, supported by improved economic prospects, increased confidence, and positive external demand.