Philippines is 2nd fastest-growing economy in ASEAN for 2022

The Department of Finance (DOF) announced on March 1 that Moody’s Analytics upgraded its gross domestic product (GDP) growth forecast for the Philippines from 5.6% to 6.2% this 2022 as the country continues to recover from the impact of the pandemic.

Photo from Unsplash

According to the agency, this makes the Philippines the 2nd fastest-growing economy in the Association of Southeast Asian Nations (ASEAN), with Vietnam leading at 6.5%. The research arm of the Moody’s Group said the Philippines recovered quickly from a weak third quarter last year with a remarkably strong rebound in the year’s final quarter.

However, research group IBON said “this does not mean that Filipinos are better off” as the country’s higher GDP is “not translating to enough jobs and incomes for ordinary Filipinos.”

Metro Manila | Photo from Unsplash

“There were 3.2 million Filipinos officially reported as unemployed as of November 2021. IBON however estimates that the real number of unemployed may be as much as 5.7 million or more if discouraged and unavailable workers that stopped being counted by the official methodology are also included.” – IBON Research

The unemployed Filipinos are also said to suffer the worst inflation at 4.5% in 2021 compared to neighboring countries like Malaysia (3.2% in December), Singapore (2.3%), Indonesia (1.9%), Vietnam (1.8%), Brunei (1.8% in October), and Thailand (1.2%).

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Ram Mancelita
Ram Mancelita
"Experiencing Cebu one post at a time."

Editor | Cebu City

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  1. Kalokohan yang sinasabi nyo. Dami wala trabaho, dami under employed mahal lahat ng bilihin, tubig rotational service tapos sasabihin nyo lumalago ang economoya ng bansa? Saan banda?

  2. Talaga ba? Parang hindi naman. Hindi ramdam ng mga tao lalong lalo na ng mga employer amd still madami pa din sa mga kababayan nating mga pilipino specially mga college graduate ang walang trabaho.


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