The growth of the Philippine economy may have surpassed the government’s target at 7.7 percent. | RonWDomingoINQ /PDI
ING’s full-year estimate for 2022 growth “will be faster than the official growth target of 7.5 percent, [but] 2023 presents several challenges, which could push the trajectory of growth down sharply,” the bank said.
He said they underestimated the vigorous attitude of households toward consumption even in the face of surging inflation. The economist believes the boost from households, which he expected to have lasted throughout the yearend holiday season, will dissipate as it eats up on savings and high interest rates take a toll on demand.
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