S&P trims PH 2020 growth due to Coronavirus

S&P Global Ratings has trimmed its growth outlook for the Philippine economy this year as it believes the coronavirus disease 2019 (Covid-19) outbreak will weaken the country’s supply chains.

The credit rating agency now projects Philippine GDP to expand by 6.1%, lower than its already-downgraded forecast of 6.2%. This comes after Moody’s Investors’ Service on Tuesday reduced its GDP growth forecast for the Philippines to 6.1% from the 6.2% it gave last year.

S&P said the Philippines is expected to be one of the economies “less affected” by the Covid-19 outbreak, along with Japan, Indonesia, and Malaysia.

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