“While these developments are remarkable, I want to underscore that our nation still faces a considerable burden in the form of high inflation,” Balisacan said.
Economy could exceed 2022 growth target-govtthe government said the recovery
is not without risks given rising interest rates and soaring inflation that could crimp consumer spending. Underpinned by pent-up domestic demand, the economy expanded 7.6% in the third quarter from a year earlier, official data showed on Thursday,the 6.3% forecast in a Reuters poll and faster than the 7.5% growth in the second quarter.
The economy would likely grow above the government’s 6.5%-7.5% growth target for 2022, Economic Planning Secretary Arsenio Balisacan told a media briefing. On a quarterly basis, gross domestic product rose 2.9% versus a 0.1% contraction in April-June and an expected 1% rise,“While these developments are remarkable, I want to underscore that our nation still faces a considerable burden in the form of high inflation,”
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