Washington-based multilateral lender World Bank downgraded its economic growth projection for the Philippines this year after considering the impact of Russia’s invasion of Ukraine on the global economy.
At a virtual press briefing for the lender’s East Asia and Pacific Economic Update report, World Bank East Asia and Pacific chief economist Aaditya Mattoo said the bank’s gross domestic product growth projection for the country in 2022 was reduced to 5.7% from 5.8% in its Philippines Economic Update in December 2021.
Domestic fuel pump prices have been consistently increasing since the start of the year, which was aggravated by the ongoing conflict between Russia and Ukraine that has hit global supplies and driven global prices higher. Likewise, the National Economic and Development Authority is confident that the Philippine economy will recover to its pre-COVID-19 pandemic level this year despite the ongoing Russia-Ukraine war which causes global uncertainty and oil prices to skyrocket.