PHL growth outlook eases with rest of the world

port of manila

SIMMERING trade tensions between the world’s two biggest economies, the United States and China, will weigh on global economic prospects, the United Nations (UN) and the Organization for Economic Cooperation and Development (OECD) reported on Wednesday — a factor that led Fitch Solutions Macro Research to slash its own gross domestic product (GDP) growth projection for the Philippines in particular for this year.

Fitch Solutions said in a May 21 note, titled “Philippine stimulus to only partially offset external drags,” that it expects the country’s GDP expansion to “fall below the government’s 6-7% annual expansion target in 2019, growing by 5.9% (down from a previous 6.1% projection) before rebounding modestly to 6.3% in 2020.” GDP expanded by 6.2% last year, marking the slowest pace in four years.


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