Economists are downgrading their economic growth forecasts for this year, and some of them even for next year, following the country’s disappointing first quarter output.
While consensus forecasts had expected the economy to remain in recession in the first quarter, the 4.2-percent year-on-year gross domestic product (GDP) decline was steeper than the expected 3.2-percent contraction. “We had previously estimated this year’s GDP growth rate at a relatively pessimistic 5 percent, which now looks rather high given unknown course of wild card mutant varieties and possible future on and off lockdowns. In the event, we cannot rule out a flat growth scenario. We will review our growth forec…
Keep on reading: Economists slash growth forecasts for PH