Date Published:
Nov 28, 2022
Focus Area(s):
Code:
DP 2022-31

This paper, which will be released as the lead chapter of the 2021–2022 PIDS Economic Policy Monitor, reviews the Philippines’ macroeconomic performance in 2021 and the first half of 2022, analyzes recent developments and challenges shaping the economy’s near-term outlook, and presents macroeconomic projections for 2022 and 2023. With the country’s sustained economic reopening, the analysis suggests that GDP growth may grow by about 7.1 percent, but economic activity may weaken in 2023 as the global economic environment deteriorates. Inflation will likely continue to be elevated in 2022 but may still fall within the central bank’s target range in 2023. The economic outlook features significant challenges and downside risks, including persistently high inflation, an uncertain business environment, and a possible downturn in the world’s major economies. The paper ends by outlining what the authors believe should count among the government’s key priorities in steering the economy through these headwinds.

Comments to this paper are welcome within 60 days from the date of posting. Email publications@pids.gov.ph.

Citations

This publication has been cited 21 times

In the Media
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  2. Cacho, Katlene. 2023. Biz leaders 'cautiously' optimistic on economic outlook this 2023. Sunstar Cebu.
  3. Cacho, Katlene. 2023. Biz leaders 'cautiously' optimistic on economic outlook this 2023. Yahoo News.
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  5. Chanco, Boo. 2022. Rabbit year. Philippine Star.
  6. Chipongian, Lee. 2022. Sustained recovery amid high inflation, weak peso. Manila Bulletin.
  7. Domingo, Ronnel. 2023. Marcos gov’t wages ‘war’ vs inflation. Inquirer.
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  12. Manila Standard . 2023. A positive note, despite (Opinion piece by Manila Standard). Manila Standard .
  13. Manila Standard. 2023. GDP expected to expand at slower rate amid global headwinds this year. Manila Standard.
  14. Manila Times. 2022. PIDS warns of severe forex fluctuations. Manila Times.
  15. Mindanao Today. 2023. PH economic growth to weaken in 2023: PIDS study. Mindanao Today.
  16. Outsource Accelerator. 2023. BPO receipts to remain strong this year — PH govt think tank. Outsource Accelerator.
  17. Piatos, Tiziana Celine. 2022. Phl economy faces external headwinds in 2023. Tribune.
  18. Piatos, Tiziana Celine. 2023. Gov’t urged: Address FDIs, growth hurdles. Tribune.
  19. PIDS. 2023. PH economic growth to weaken in 2023—PIDS study. Philippine Information Agency.
  20. Port Calls. 2023. PH economy poised to grow but at a slower pace in 2023. Port Calls.
  21. Simeon, Louise Maureen. 2022. Below target economic growth for 2023 – PIDS. Philippine Star.


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