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(PNA file photo) MANILA - Government expenditures and recovery of the private sector will help drive the Philippine economy to grow by 6.5 percent this year, an analyst said Tuesday. Asean+3 Macroeconomic Research Office (AMRO) chief economist, Dr. Hoe Ee Khor, said in a virtual briefing that the growth outlook considered the impact of the additional coronavirus disease 2019 (Covid-19) variants on the economy. "The Philippine economy has really seen a large output gap so we expect that private spending will bounce back very rapidly once the economy opens fully. We are quite confident that this six and a half percent growth can be achieved this year. And we expect growth of another 6.5 percent next year," he said. The regional macroeconomic surveillance organization's growth projection for the economy is lower than the government's 7 percent to 9 percent growth assumption while its 2023 growth forecast is within the economic managers' 6 percent to 7 percent target.

Bangko sentralMacroeconomic research officeResearch officeHoe ee khorNa file photo manila government expenditures and recovery of the private sector will help drive philippine economy to grow by 6 5 percent this yearN analyst said tuesday asean 3 macroeconomic research office amro chief economistR hoe ee khorAid ina virtual briefing that the growth outlook considered impact of additional coronavirus disease 2019 covid 19 variants on economy quot philippine has really seena large output gap so we expect private spending will bounce back very rapidly once opens fully are quite confident this six anda half percent can be achieved year and another 6 5 nextUot he said the regional macroeconomic surveillance organization 39s growth projection for economy is lower than government 7 percent to 9 assumption while its 2023 forecast within economic managers 39 6 target last yearHe economy grew by 5 7 percentIgher than the government 39s 5 percent target meanwhileHe acceleration of domestic inflation rate since last month is seen to continue for most the yearHor said the rate of price increases in third month this year rose to 4 percent due higher oil prices inflation previous two months stood at 3 average for first quarterTill within the government 39s 2 percent to 4 aim quot we expect inflation remain above target band for most of year andNflation is driven mostly by increases in fuel prices and foodUot he said khor the domestic economy continues to havea large output gap since it has yet fully recover from pandemic quot demand is still