Philippines lowers 2021, 2022 growth targets after disappointing Q1 GDP

Philippines lowers 2021, 2022 growth targets after disappointing Q1 GDP

The Philippines has lowered its economic growth targets for this year and next after a deeper-than-expected contraction in gross domestic product (GDP) in the first quarter, its budget minister said on Tuesday.

FILE PHOTO: Daily life amid Coronavirus outbreak in Manila
FILE PHOTO: People wearing masks for protection against the coronavirus disease (COVID-19) pass a mural dedicated to healthcare workers, in Pasig City, Metro Manila, Philippines, October 30, 2020. REUTERS/Eloisa Lopez

MANILA: The Philippines has lowered its economic growth targets for this year and next after a deeper-than-expected contraction in gross domestic product (GDP) in the first quarter, its budget minister said on Tuesday.

This year's GDP is expected to expand by 6.0per cent-7.0per cent, weaker than its previous target of 6.5per cent to 7.5per cent, but up from the previous year's record contraction of 9.6per cent, Budget Secretary Wendel Avisado told a news conference.

Growth next year is projected at 7.0per cent to 9.0per cent, Avisado said, also down from a previous target of 8.0-10per cent.

(Reporting by Neil Jerome Morales and Karen Lema; Editing by Ed Davies)

Source: Reuters

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