Like India, the countries of Southeast Asia are vigorously taking over from Asian growth. Last year, the Philippines’ economic growth exceeded 7%, its highest level in 50 years. And this despite inflation, which is also breaking records.
Inflation does not save the Philippines : 8.1% in December, a record in nearly 14 years. And yet, internal consumption is pushing the country’s growth to levels not seen for half a century. 7.6% GDP growth over the whole of 2022, according to the national statistics agency. A very good result that surprised even the Philippine government.
The money goes into the state coffers
After the slowdown caused by the pandemic, consumer demand could finally be satisfied, explains the Philippine executive, and this has significantly boosted growth. The improvement in the labor market and the recovery in tourism have brought money into the state coffers and supported this growth.
Growth between 6% and 7% in 2023?
The Philippines hopes to continue this momentum and aims for growth between 6% and 7% in 2023, against the backdrop of a global economic slowdown due to the war in Ukraine, the tightening of monetary policies and rising inflation.
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