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Philippines posts its fastest growth in 40 years

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Manila’s forecast-beating quarterly growth of 7.2% 'driven by hiring and revenge spending'

26 January 2023 - 18:37A dragon dance group performs in Manila, the Philippines, January 22 2023. Picture: LISA MARIE DAVID/REUTERS

Economic planning secretary Arsenio Balisacan attributed the stellar fourth-quarter performance to strong domestic demand, rise in jobs, and"revenge" spending following the lifting of pandemic curbs and full reopening in the last three months of the year. On a quarter-on-quarter basis, GDP growth came in at 2.4% in October-December, compared with expectations for a 1.5% rise and the previous quarter's upwardly revised 3.3% expansion.

"We expect a difficult year ahead for the Philippines," Capital Economics said in a note, citing the impact of high inflation and tighter monetary policy on domestic spending. For 2023, Capital Economics is expecting growth of 5.5%.

 

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