JCER downgrades PH growth forecast to 6.3%
The Japan Center for Economic Research (JCER) slashed its gross domestic product (GDP) forecast for the Philippines from 7.1% to 6.3% as the Ukraine-Russia crisis impacts commodity prices and hinders economic recovery.
In their latest survey, JCER Principal Economist Masashi Uehara said that “there are growing concerns that the Ukraine-Russia war will hinder economic recovery through soaring crude oil prices and shrinking exports.
The Tokyo-based think tank’s latest forecast falls below the government’s foreseen seven to nine per cent economic growth for 2022.
As tension between Ukraine and Russia continues to escalate, global oil prices are also soaring, impacting importing economies such as the Philippines. Following a minor roll back,pump prices on the domestic front went up again this week.
JCER added that most people are now worried about inflation-related factors instead of COVID-19 concerns due to its effect on the economy.
Of the six economies monitored by JCER — namely Indonesia, Malaysia, the Philippines, Singapore, Thailand , and India —- the Philippines got the highest GDP downgrade for the year-end.
