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Bloomberg
The Philippine government cut its economic outlook for this year and next as it struggles with a surge in coronavirus cases that threatens its recovery.
Gross domestic product is now tipped to grow 6% to 7% this year, down from a previous estimate of 6.5%-7.5%, according to the Development Budget Coordination Committee, which sets the government’s economic assumptions for budget purposes. The outlook for 2022
was lowered to 7%-9% growth, from 8%-10% earlier.
The downgrade comes after first-quarter GDP contracted more than expected, cementing the Philippines’ status as one of Asia’s laggards in terms of recovery. Stricter curbs since late March in the capital region and surrounding provinces, the country’s economic backbone, have shuttered businesses and destroyed jobs.
Economies across Southeast Asia are facing an uphill battle
as fresh waves of Covid cases threaten recovery prospects.