Business leaders in the Philippines looking to emerge from the economic disruptions in recent years may consider an “era thinking” strategy—that is, take the upheavals head-on with an eye toward innovation. According to partners Jon Canto and Kristine Romano and colleagues, the Philippines could see GDP growth of approximately 5 percent this year, a notable rebound after a record 10 percent contraction in 2020.
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A line graph for years 2020 to 2022 shows real GDP growth or contraction for the Philippines, compared with four other countries in the same region: Malaysia, Vietnam, Indonesia, and Thailand. Overall, 2020 had limited or negative growth for all five countries, before a large and continuing rebound for those countries by 2022.
Source: National Statistics Offices
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To read the article, see “What does 2023 hold for the Philippines’ economy?,” March 7, 2023.