The cut in the forecast isn't surprising as they have to factor in omicron risks, even as the economy is seemingly more resilient than anticipated to start the new year. The government adds that it expects the growth this year to be solely driven by domestic demand and local investments.

Meanwhile, they foresee consumer price inflation to accelerate to 3.3% in 2022 and expects higher wage demands. However, they see no signs of a wage-price spiral taking place.