PH economy could grow 6.8 pct in 2022 after 'resilient' Q3: Fitch Ratings

ABS-CBN News

Posted at Nov 11 2021 10:52 AM

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MANILA - Following a 7.1 percent growth in the third quarter, the Philippine economy's fourth quarter growth could also be better than expected, Fitch Ratings director of APAC Sovereigns Sagarika Chandra told ANC Thursday.

Chandra said the firm also revised upwards its 2022 forecast for the Philippine economy to 6.8 percent from 6.6 percent. 

People visit the Night Market at the Greenhills Shopping Center during its launch on November 4, 2021. People visit the Night Market at the Greenhills Shopping Center during its launch on November 4, 2021/File
People visit the Night Market at the Greenhills Shopping Center during its launch on November 4, 2021. People visit the Night Market at the Greenhills Shopping Center during its launch on November 4, 2021/File

Meanwhile, Fitch Solutions on Wednesday raised the outlook for the year to 4.5 percent from from 4.2 percent while downgrading the 2022 forecast to 6.5 percent from the earlier 6.8 percent.

The government estimates that the economy could grow 4 to 5 percent this year, downgraded from its initial target.

Rebounding back to pre-pandemic level could happen in as early as first quarter of 2022, Socioeconomic Planning Secretary Karl Chua earlier said.