Manila Bulletin
WB expects below gov’t target growth
The World Bank maintained its 5.7% economic growth forecast for the Philippines in 2022, which is below the government's target of 7% to 8%.
This projection acknowledges the impact of the Russia-Ukraine war, tightening global financing conditions, and slower growth in major trading partners.
The Philippines experienced a strong 8.3% GDP growth in the first quarter, driven by domestic demand and the recovery of industry and services sectors.
However, the World Bank warns that a 'very weak external environment' will temper the country's overall growth.
Global commodity prices, including oil and wheat, have increased by more than 50% since January due to Russia's invasion of Ukraine.
These international developments are putting pressure on the domestic economy.
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