AMRO cuts PH growth forecast to 6.2% for 2022

The ASEAN Macroeconomic Research Office (AMRO) has reduced its 2022 growth forecast for the Philippine economy to 6.2% from 6.7%, citing the impact of stricter movement restrictions due to the Omicron variant.

For 2021, AMRO raised its growth projection to 4.9% from a previous estimate of 4.3%, reflecting stronger economic activity in the last quarter.

AMRO's forecast for 2022 is lower than the government’s target range of 7-9%. The organization highlighted that the Philippines' consumption-driven economy makes it more vulnerable to new virus variants, potentially requiring stricter quarantine measures and impacting services sector recovery.