Buildings in Ortigas business district dwarf houses as seen from Bonifacio Global City in Taguig (Photo: philstar.com)Hanoi (VNA) – The Philippine economy "returns to itshigh-growth" trajectory, supported by a strong labour market performanceand cooling inflation, Secretary of the National Economic and Development Authority (NEDA) Arsenio Balisacan has said.
Balisacan said the countryhas seen robust gross domestic product (GDP) growth, with output expanding by7.7% in Q3 2022, 7.1% in Q4 2022, and 6.4% in the first quarter of this year.
The 2022 full-year growth average is at 7.6%, exceeding thegovernment's target of 6.5-7.5%, while real GDP per capita surpassed thepre-pandemic level in the fourth quarter of 2022, said Balisacan.
In the labour market, the unemployment rate fell to 4.5% inApril 2023, down from 5.7% in April 2022, while the underemployment rate alsofell to 12.9% from 14% in the same period, indicating improved quality ofjobs.
Meanwhile, the inflation has steadily moderated, from "apeak of" 8.7% in January to 6.1% in May. The central bank has expectedinflation to return to the 2 to 4% target by the fourth quarter of 2023.
Balisacan acknowledged that these indicators paint apromising picture of a sustained recovery for 2023.
According to the official, the COVID-19 pandemic hadled to a number of socioeconomic setbacks, including the higher national debt,fiscal deficit, as well as social and economic scarring in terms of learninglosses, business closures, and record levels of unemployment. However, thegovernment is working to diversify the country's sources of growth by expandingits markets, raising productivity, and enhancing the value added for itsproducts and services./.
