S&P raises PH GDP outlook to 5%, warns threat of possible ‘Omicron’ surge
S&P Global Ratings upgraded its economic growth forecast for the Philippines from 4.3% to five percent this year, following the country’s strong 7.1% expansion in the third quarter.
In a statement, S&P said that the economic growth in the Philippines has surprised them “on the upside.”
The credit rating agency’s new prediction now meets the government’s expectation of a four to five per cent economic growth at year-end.
In addition, the debt watcher stated that the emergence of the new Omicron COVID-19 variant may trigger more mobility controls and lockdowns in the Asia Pacific (APAC) region.
S&P noted that APAC’s previous pandemic policies have put it “on a weaker recovery path than the rest of the world.”
The Philippines itself could be affected by this new variant as it is still slow in vaccinating its citizens. Only 32.9% of the country’s population has been fully vaccinated against the virus as of November 29.
Related news
- Omicron could slow down PH economic growth · 5 Jan 2022
- World Bank ups PH GDP outlook to 5.3% · 10 Dec
- Metro Manila’s office vacancy worsened in Q3 · 2 Dec
Disclosure: Outsource Accelerator uses AI tools in the backend of its editorial workflow. Every article is reviewed and verified by a human editor before publication.
Stay ahead of the outsourcing industry. Join thousands of business leaders who rely on Outsource Accelerator for the news, trends, and expert insights that matter. Subscribe to our free newsletter and never miss an update.
