NextGen Day

According to Arsenio Balisacan, secretary of the National Economic and Development Authority (NEDA), the country’s gross domestic product (GDP) for 2022 is anticipated to exceed the government target thanks to a strong fourth-quarter economic performance.

We have already surpassed a 7.7 or 6. in the first three quarters. As a result, it has already exceeded. It’s likely going to surpass even the upper end of that range, going on the fourth quarter’s indications. At the fourth quarter, we anticipate strong growth, Balisacan said in a conference on Monday.

Strong remittances and domestic consumption during the holidays bolster the economy’s performance from September to December,

For 2022, the government projects a GDP increase of 6.5 to 7.5 percent.

According to Balisacan, this year’s GDP growth should have been stronger, but it was slowed down by the rising inflation rate.

The government’s goal of 5.8 percent for this year was still within reach with the average inflation rate for the previous 11 months at 5.6 percent.

But with an 8 percent increase in November, prices for goods and services rose at their quickest rate in 14 years.

The NEDA director stated that the country’s economic managers are closely monitoring internal and external concerns that can have an impact on the economy in the upcoming quarters.

According to Balisacan, these dangers could slow growth in the fourth quarter.

For the upcoming year, he continued, “and moving forward, we, of course, are cognizant of the global headwinds there, including the very likely recession for many advanced nations and the continuance of that supply chain problem, particularly in regard to the ongoing crisis in Ukraine.”

He stated that the nation should diversify its sources of growth in order to maintain economic growth despite these challenges.

“We need to see more investments and trade sources of growth instead of just focusing on consumption, and we need to see more manufacturing, construction, utilities, and even mining on the supply side rather than just services. We anticipate that would significantly boost medium-term growth. Naturally, agriculture will also be a driving force to the extent that we can boost productivity there and reduce any pressures placed on food costs, according to Balisacan.

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