THE United Nations (UN) downgraded its growth estimates for the Philippines this year, according to the World Economic Situation and Prospects 2020.
In the report, the UN projected the country’s 2020 GDP growth will reach 6.2 percent, 0.2 percentage points lower than the 6.4 percent it forecast in 2019. For 2021, the UN projects the country’s GDP to reach 6.3 percent.
The UN also said its partial estimates of the country’s 2019 full-year GDP is 5.9 percent, about 0.6 percentage points lower than the 6.5 percent estimate it made in 2019. Official 2019 GDP data will be released on Thursday, January 23.
“In the Philippines, GDP growth decelerated slightly in 2019 as budget delays contributed to a significant slowdown in public investment,” the report stated.
“As spending on infrastructure projects picks up, growth is expected to rebound from 5.9 percent in 2019 to 6.2 percent in 2020,” it added.
Read More: https://businessmirror.com.ph/2020/01/20/un-downgrades-phl-growth-forecast/
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