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Philippines cuts growth outlook to 6 to 7pc from 6.5 to 7.5pc
来源：Shipping News Headlines 编辑：编辑部 发布：2021/05/25 11:34:53
THE Philippine government has cut its gross domestic product (GDP) growth outlook from 6.5 per cent to 7.5 per cent, to six per cent to seven per cent due to the Covid crisis, reports Bloomberg News.
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.
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.
"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.
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.
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.
"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.