Macro - Country Economic Forecasts - Philippines
We have raised our Q1 GDP growth forecast for the Philippines as restrictions imposed during the Omicron wave in January proved to be of shorter duration than expected and mobility has picked up sharply. That said, headwinds are mounting as a result of the Russia-Ukraine war. While the geographical distance and limited economic relations with Russia and Ukraine will limit the direct economic impact of the war, weaker global trade and higher global commodity prices will hurt. Thus, we have downgraded our growth forecast to 6.8% for 2022 and 5.8% for 2023.
- Philippines: Russia-Ukraine war to hit economy via higher prices
- Forecast overview
- Recent developments
- Short-term outlook
- Key drivers of our short-term forecast
- Economic risk
- Economic risk evaluation
- Risk warnings
- What to watch out for
- Exposure to key global risks
- Long-term prospects
- Background
- Economic development
- Structure of the economy
- Balance of payments and structure of trade
- Policy
- Politics
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