News » PH GDP growth forecast lowered by Fitch, AMRO

PH GDP growth forecast lowered by Fitch, AMRO

The Philippines’ Gross Domestic Product (GDP) is forecasted to grow slower than expected as rating agencies Fitch Ratings and ASEAN+3 Macroeconomic Research Office (AMRO) lowered their projections amid the Delta variant outbreak and slow vaccine rollout. 

In a report last Thursday, Fitch Ratings downgraded their 2021 GDP growth forecast to 4.4% from the previously announced 5%, while AMRO slashed its GDP projection to 4.3%, from last June’s 6.4%

Fitch stated that the resurgence of COVID-19 infections in late July and the low vaccination rate in the country pose a risk to their growth forecasts.

On the other hand, AMRO Chief Economist Hoe Ee Khor stated that they have to trim their GDP projection because of the recent wave of infections caused by the highly contagious Delta variant.

Both forecasts are closer to the lower end of the government’s 4-5% full-year target, but a big reversal from the record 9.6% slump in 2020.

Read more here.

Start your
journey today

  • Independent
  • Free
  • Transparent

About OA

Outsource Accelerator is the trusted source of independent information, advisory and expert implementation of Business Process Outsourcing (BPO)

The #1 outsourcing authority

Outsource Accelerator offers the world’s leading aggregator marketplace for outsourcing. It specifically provides the conduit between Philippines outsourcing suppliers and the businesses – clients – across the globe.

The Outsource Accelerator website has over 5,000 articles, 350+ podcast episodes, and a comprehensive directory with 900+ BPO companies… all designed to make it easier for clients to learn about – and engage with – outsourcing.

About Derek Gallimore

Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.