The Philippine government expects the economy to expand by 7-8 percent in 2022. The Philippines’ gross national income per capita was estimated at around $3,500 in 2021, below the World Bank’s upper middle-income range of $4,096 to $12,695. Philippine officials expect the country to achieve an upper middle-income status – a 2020 goal derailed by the pandemic – by 2023. Economic activity picked up during the year, driven by increased private consumption due to eased mobility restrictions, business reopening, and improvement in labor market conditions. This strong economic performance, the second fastest in ASEAN, brought the Philippines closer to its pre-pandemic 6.6 percent average gross domestic product (GDP) growth rate from 2012-2019. The Philippine economy grew by 5.7 percent in 2021, beating the government’s 5-5.5 percent target range and rebounding from the 9.5 percent pandemic-induced recession in 2020.
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