Analysis by Region - Emerging Markets - Philippines
We have raised our 2022 GDP growth forecast for the Philippines to 7.3% from 6.8% following a stronger-than-expected Q1 GDP print. Household spending once again underpinned the above-trend quarterly outcome. However, while we expect domestic demand momentum will remain firm, we see growth moderating as higher inflation continues to squeeze real incomes. Externally, weaker growth in China will also dampen growth in goods exports, while tightening by the US Fed raises the risk of financial market turmoil.
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