ADB hikes Philippines' 2022 gdp forecast to 7.4 pct.

The Philippine economy is forecast to grow faster in 2022, supported by stronger-than-expected domestic demand and a recovery in tourism, according to an updated Asian Development Bank (ADB) report released on Wednesday.

The latest supplement to the Asian Development Outlook 2022 says the Philippine economy will grow 7.4 percent in 2022, up from its September forecast at 6.5 percent, while the growth for 2023 is expected to slow down to 6.0 percent from 6.3 percent.

The Philippine economy has shown strong underlying growth momentum and resilience in 2022, ADB Philippines Country Director Kelly Bird said.

However, there are downside risks to growth in 2023, including inflation stickiness, further increases in interest rates, and a sharper-than-expected slowdown in GDP growth in advanced...