PH GDP growth slowed to 4.6% in Q3 – survey
The Philippines’ Gross Domestic Product (GDP) growth forecast downgraded to 4.6% during the third quarter compared to Q2’s 6.6%, according to a survey by Japan Center for Economic Research (JCER).
The survey, conducted with economists as participants, shows that the respondents have expected this slow Q3 growth in the country. The fourth-quarter growth forecast has also been adjusted to 5.2% from the previous 5.5%.
However, local economic managers are maintaining their full-year GDP projection at 4.3%, within the government’s 4 to 5% target, despite the country’s poor pandemic response.
Further, economists upgraded their 2022 growth expectations from 6.2% to an average of 6.6%.
According to the JCER survey, the respondents are anticipating that the COVID-19 pandemic, the US monetary policy, and high inflation to be the top risks in the Philippines’ economic recovery in the next 12 months.
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