Stronger domestic demand to fuel Philippine growth at 6.0 pct in 2022

Manila [Philippines], April 6: The Philippines' economic recovery is expected to grow by 6.0 percent in 2022, further by 6.3 percent in 2023, driven by rising domestic investment and consumption as pandemic restrictions eased, according to a report released by the Asian Development Bank (ADB) on Wednesday.
Asian Development Outlook 2022, the Manila-based bank's flagship economic publication, says the government measures issued last month to reopen the economy, lift mobility restrictions, expand COVID-19 vaccination, and relax international travel restrictions will boost the services sector in the Southeast Asian country.
"Nearly all indicators point to higher growth for the Philippines this year and in 2023, barring the impact of external factors from geopolitical tensions that may dampen growth globally," ADB Philippines Country Director Kelly Bird said.
"Policies to build the resilience of micro, small, and medium-sized enterprises (MSMEs), which play a vital role in the country's economic recovery, should be strengthened to support the sector's digital transformation, business innovation, and skills development," Bird added.
Source: Xinhua