S&P sees 6% PH economic growth in 2021
The Philippines’ recovery continues to drag on as low public mobility amid COVID-19 prompted S&P Global Rating to drop its 2021 growth projection for the country to six percent.
The new forecast is notably lower than the 7.9% gross domestic product (GDP) growth estimate S&P gave in March and matched the low end of the government’s 6-7% goal for this year.
“The vaccination effort is picking up but remains slow. As such, a good chunk of the substantial base effects that we had expected to boost domestic demand growth has likely been diminished, leading us to revise our growth forecast down to 6.0% from 7.9%,” S&P said.
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