PH GDP reduced for the sixth time to 3.4% – Oxford Economics
Global economic forecasting firm Oxford Economics further reduced its Gross Domestic Product (GDP) growth prospects for the Philippines for the sixth time this year, slashing its projections from 3.5% to 3.4%. The global think tank’s latest forecast falls below the government’s four to five percent target for 2021.
In an email to The STAR, Oxford’s assistant economist Makoto Tsuchiya said they expect the third-quarter domestic demand to remain “under pressure” due to the Delta variant surge in the country and lockdowns imposed last August.
However, the organization believes that the country will pick up its “economic momentum” in Q4 as more businesses and sectors reopen and as consumption increases due to the holiday season.
With Oxford’s latest forecast, the Philippines is now lagging behind other emerging markets (EMs) particularly India, with an expected 7.9% GDP growth, and China’s eight percent forecast.
On the other hand, the country’s economy is projected to increase by 2022 to 7.1% and 8.2% in 2023.
