• 3,000 firms
  • Independent
  • Trusted
Save up to 70% on staff

News » S&P downgrades PH GDP outlook to 4.3%

S&P downgrades PH GDP outlook to 4.3%

American financial services company S&P Global Ratings has lowered the Philippines’ Gross Domestic Product (GDP) growth forecast for 2021 to 4.3% from an earlier 6% due to the increasing cases of COVID-19 Delta variant in the country.

The agency said that the lockdowns caused by the new detected variants have greatly affected the country’s economic activity.

S&P senior economist Vincent Conti stated that the floods in certain parts of the country and the reimplementation of lockdowns “has significantly eroded what would have been a highly favorable base effect for the country.” 

Conti added that the “longer downturn will cause even more economic scarring.” His forecast shows that by 2025, the country’s GDP outlook “will be 12% below where it would have been without the pandemic.”

S&P also downgraded its GDP growth outlook for Malaysia, Thailand, and Vietnam due to continuous COVID-19 infection in these countries.

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.

“Excellent service for outsourcing advice and expertise for my business.”

Learn more
Banner Image
Get 3 Free Quotes Verified Outsourcing Suppliers
3,000 firms.Just 2 minutes to complete.
SAVE UP TO
70% ON STAFF COSTS
Learn more

Connect with over 3,000 outsourcing services providers.

Banner Image

Transform your business with skilled offshore talent.

  • 3,000 firms
  • Simple
  • Transparent
Banner Image