Amid ongoing global uncertainties and ballooning domestic inflation, economic forecast provider Moody’s Analytics said it still sees an 8.8 percent growth in the Philippine economy in the second quarter of the year. In its 8-12 August Asia Pacific Economic Preview, made ahead of the scheduled growth forecast to be released by the National Economic Development Authority (NEDA) tomorrow, 9 August, Moody’s stated that the anticipated growth of the Philippine economy from April to June this year “has put the country on track to comfortably meet its GDP target of 7-9 percent in 2022.”
“Private consumption and investment will buoy second-quarter growth, but higher inflation rising interest rates, and fiscal consolidation will see the economic expansion slow in the second half of the year,” its official report said, which was reposted by the government news portal Philippine News Agency.
The Philippine Statistics Authority (PSA) announced on Monday that for the first quarter of 2022, the gross domestic product (GDP) growth rate was revised downward to 8.2 percent from the preliminary estimate of 8.3 percent.
Last month, Finance Secretary Benjamin Diokno said that the Development Budget Coordination Committee lowered its growth target for this year to between 6.5-7.5 percent, still the highest growth rate among all ASEAN+3 countries.
The economy would further grow by as much as eight percent starting next year until 2028, or during the six-year term of the Marcos administration, according to Diokno.