Think tanks raise the forecast of Philippine economic growth in 2022

According to the Philippine Star on December 27, the Japanese Economic Research Center (JCER), a think-tank, said that due to the Philippines' economic performance in the third quarter exceeded expectations, and its consumption remained strong in the fourth quarter, the Philippines' economic growth forecast this year is 7.1%, which is within the Philippine government's GDP growth target of 6.5% to 7.5%.

According to the JCER survey, most economists expect the Philippine economic growth rate to be 5.8% in the fourth quarter, higher than the 4.3% previously predicted. In 2023, the Philippine economic growth was slightly reduced to 5.3% from the previous 5.4%, lower than the government's target of 6% to 7%. The expected economic growth in 2024 will be reduced from 6% to 5.9%, lower than the government's target of 6.5% to 8%. JCER said that the future risks mainly come from high inflation and geopolitical tensions. The inflation rate of the Philippines is expected to be 5.8% in 2022, 5% in 2023 and 3.5% in 2024.