THE Philippines government has cut its growth domestic product (GDP) growth outlook to six per cent from 7.5 per cent due to the Covid crisis, reports Bloomberg.
The report comes after the first-quarter GDP decreased more than expected, fastening the Philippines' status as one of Asia's laggards in terms of recovery.
'The effects of the Covid-19 pandemic may remain in the short-term, but we are optimistic that the economy will return to its upward growth trajectory starting this year,' said budget secretary Wendel Avisado.
Southeast Asian economies are facing a battle as fresh waves of Covid cases threaten recovery. Slow vaccine rollouts continue to hinder business and consumer confidence.
Meanwhile, the peso rose more than one per cent the past three months, among the top performers in Asia.
The Philippine economy will expand 5.5 per cent in 2021, 6.5 per cent next year, and 6.1 per cent in 2023, according to a survey of 33 economists.
'We will continue to manage risks and push for the gradual and safe reopening of the economy after addressing the present spike, so that people can return to work and the government can address hunger and poverty while maintaining the strict compliance to minimum public health standards,' said Mr Avisado.
SeaNews Turkey
The report comes after the first-quarter GDP decreased more than expected, fastening the Philippines' status as one of Asia's laggards in terms of recovery.
'The effects of the Covid-19 pandemic may remain in the short-term, but we are optimistic that the economy will return to its upward growth trajectory starting this year,' said budget secretary Wendel Avisado.
Southeast Asian economies are facing a battle as fresh waves of Covid cases threaten recovery. Slow vaccine rollouts continue to hinder business and consumer confidence.
Meanwhile, the peso rose more than one per cent the past three months, among the top performers in Asia.
The Philippine economy will expand 5.5 per cent in 2021, 6.5 per cent next year, and 6.1 per cent in 2023, according to a survey of 33 economists.
'We will continue to manage risks and push for the gradual and safe reopening of the economy after addressing the present spike, so that people can return to work and the government can address hunger and poverty while maintaining the strict compliance to minimum public health standards,' said Mr Avisado.
SeaNews Turkey