The National Economic and Development Authority (NEDA) reported that the country’s economic growth in the last quarter of 2022 expanded by 7.2%.
The government said that the economic growth was driven by economic activity following the full reopening of the country from the COVID-19 pandemic and despite skyrocketing inflation rate.
NEDA Secretary Arsenio Balisacan said that the 4th quarter GDP grew the fastest compared to Vietnam by 5.9% while China posted 2.9%.
“Our improved Covid-19 risk management and the easing of mobility restrictions have created a positive economic outlook, boosting economic activity and creating more jobs despite external headwinds,” Balisacan said in a press briefing.
He also attributed the sustained growth to the measures rolled out by the government.
“Our strong economic growth performance for 2022 proves that our calibrated policies and strategies have helped put us on the path to recovery and on track to achieving our aspiration for an inclusive, prosperous, and resilient society by 2028,” he said.
“The improvements in labor market conditions, increased tourism, revenge and holiday spending, and resumption of face-to-face classes supported growth in the quarter, further reflecting a solid rebound in consumer and investor confidence in the economy,” he added.
Balisacan said that the country’s economic growth could’ve increased further should there be no problem with inflation.
“It shows how overall demand is sensitive to inflation. But so far as per capital income… we haven’t fully recovered yet. But Inclusive growth across the archipelago will be our vehicle for reducing poverty incidence from 18 percent of the population in 2021 to a single-digit level by 2028,” he said.
