Philippine economy grows at fastest pace in 40 years

The Philippine economy ended 2022 with the fastest growth in more than 40 years underpinned by a robust final quarter. Analysts and policymakers warn that a global slowdown and soaring inflation will make for a difficult year ahead. The full-year expansion was 7.6 per cent, the fastest since 1976 and above the government’s target of 6.5 to 7.5 per cent. The government is sticking with its 6 to 7 per cent growth target for 2023 but risks remain. The country’s inflation rate hit a seven-year high of 8.1 per cent in December, and the central bank governor has signalled further tightening this year.