Plunging consumer spending is writing on the wall for PH GDP

MANILA, Philippines—As gross domestic product (GDP) grew by 7.6 percent in 2022, economic officials expressed confidence that the Philippines will stay on a high-growth trajectory.

 

The economy grew by 7.2 percent in the last quarter of 2022, resulting in a 46-year-high full year growth, which Malacaang said was because of President Ferdinand “Bongbong” Marcos Jr.’s “good economic stewardship.”

 

Socioeconomic Planning Secretary Arsenio Balisacan said improved COVID-19 risk management and the easing of restrictions “have created a positive economic outlook, boosting economic activity and creating more jobs despite external headwinds.”

 
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