PHILIPPINES 2022 Q1 ECONOMY: Fastest Growing ASEAN Economy

#PhilippinesEconomy

The Philippines’ economy continued to expand in the first three months of the year, as the country overcomes the greatest economic and health challenge it has faced. According to the Philippines Statistics Authority, The Country’s Gross domestic product (GDP) grew a better-than-expected 8.3% in the first quarter of 2022. Faster than the 7.8 percent in the fourth quarter of 2021, and a reversal from the negative 3.8 percent growth rate in the first quarter of 2021.

The Philippines’ Economic size has currently surpassed its pre-pandemic GDP levels. As far, the Philippines is growing stronger compared to its neighboring ASEAN nation. Where Indonesia grew by 5.01%. Vietnam by 5.03%, and Singapore’s 3.4%, based on advance estimates.

The government is aiming for a Gross Domestic Product expansion of 7% to 9% this year, and 6% to 7% in 2023 and 2024.

By: ASEAN Analytics