Economic growth to bounce back by 9.4%

Economic growth to bounce back by 9.4%

S&P Global Ratings’ expectation of a three per cent decline in the country’s gross domestic product (GDP) this year should be taken positively because it also predicted a strong growth surge next year once business activities regain momentum, according to the Bangko Sentral ng Pilipinas (BSP).

BSP governor Benjamin Diokno conceded that the negative impact of the COVID-19 crisis around the world was “harsher than what was originally thought,” resulting in the decision of the International Monetary Fund (IMF) to recently downgrade its 2020 global growth forecast to -4.9 percent. 

“The good news is that the rating agency sees a strong rebound for the Philippine economy next year as it forecasts that the economy will bounce back by 9.4 percent as economic activities resume,” Diokno said.

Read more here.

Transform your business
Icon
CONSULT
Icon
3 QUOTES
Icon
START
Icon
FAST-TRACK
Icon
TOOLKIT
X
Shares