Date Published:
Nov 28, 2022
Category:
Discussion Papers
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 15 times

In the Media
  1. Baguio Midland Courier. 2023. PIDS study: PH economic growth to weaken in 2023. Baguio Midland Courier.
  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.
  4. Cahiles-Magkilat, Bernie. 2022. PH economic growth to weaken in 2023—PIDS study. Manila Bulletin.
  5. Chanco, Boo. 2022. Rabbit year. Philippine Star.
  6. Chipongian, Lee. 2022. Sustained recovery amid high inflation, weak peso. Manila Bulletin.
  7. Domingo, Ronnel. 2022. ‘Worst is over’ for PH; 2023 growth targets stay–Diokno. Inquirer.
  8. Domingo, Ronnel. 2022. Address ‘pandemic scars’ to keep PH growth momentum, Marcos urged. Inquirer.
  9. Jocson, Luisa Maria Jacinta and Ta-asan, Keisha. 2022. PHL likely to achieve growth targets. BusinessWorld.
  10. Manila Standard . 2023. A positive note, despite (Opinion piece by Manila Standard). Manila Standard .
  11. Manila Times. 2022. PIDS warns of severe forex fluctuations. Manila Times.
  12. Mindanao Today. 2023. PH economic growth to weaken in 2023: PIDS study. Mindanao Today.
  13. Piatos, Tiziana Celine. 2022. Phl economy faces external headwinds in 2023. Tribune.
  14. PIDS. 2023. PH economic growth to weaken in 2023—PIDS study. Philippine Information Agency.
  15. Simeon, Louise Maureen. 2022. Below target economic growth for 2023 – PIDS. Philippine Star.


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