Risks Mount After Philippines’ Best Growth in Half a Century
- Initial boost from pent-up demand to fade: Oxford Economics
- Remittances, outsourcing are bright spots: Rizal Bank
Pedestrians pass a street vendor in Mandaluyong, the Philippines.
Photographer: Iya Forbes/BloombergThis article is for subscribers only.
The Philippines just notched its fastest economic growth since disco music was rattling the airwaves and Gerald Ford was US president. Sustaining that pace against a gloomy global backdrop will be a challenge.
The economy grew 7.6% in 2022, data showed Thursday, its best performance since 1976. Yet dark economic clouds loom across the globe, adding to the 14-year-high inflation and other domestic pressures, that could keep the growth rate fragile.