THE Philippine economy is expected to bounce back in 2022, with its gross domestic product (GDP) growing by 6.5 percent next year, a private economist said.
In a virtual media briefing for its 2022 outlook, Security Bank Assistant Vice President and Chief Economist Robert Dan Roces said he forecasts “strong economic growth” for the country next year.
The economist attributed his view to multiple factors such as the easing of mobility restrictions, higher number of fully vaccinated Filipinos, as well as the rollout of booster shots.
“We foresee the Philippine GDP growing by 6.5 percent on a year-over-year basis in 2022 as we head towards the normalization of our daily lives. We’re seeing encouraging data that signifies sustained long-term economic recovery, with continued improvements in private consumption, manufacturing production, public infrastructure spending, and external trade,” Roces said.
“With looser curbs, mobility data in the country may reflect a strong rebound in domestic economic activity and improved business confidence,” Roces added.
According to the Department of Health (DOH), over 42 million Filipinos have received their complete dose of the Covid-19 vaccine while over 55 million have received their first dose as of December 14.
The economist said consumption will remain a key driver for growth in the last three months of the year.
“We predict that herd immunity might be achieved in the country by March to May 2022, with vaccine rollouts continuing exponentially throughout the Philippines,” Roces said.
For the global economy, the economist said oil prices are expected to remain elevated next year, with the increasing demand for oil as people start to travel again for business or leisure.