Philippines Cuts GDP Growth Outlook as Curbs Stunt Recovery
- Committee now sees 4%-5% growth in 2021, down from 6%-7%
- Country to aim for targeted rather than widespread lockdowns
A traffic policeman at an intersection in Manila, the Philippines.
Photographer: Veejay Villafranca/BloombergThis article is for subscribers only.
The Philippine government cut its economic growth outlook for this year as lockdowns to counter high numbers of coronavirus infections weigh on the recovery.
Gross domestic product is now tipped to grow 4%-5% this year, compared with a previous estimate of 6%-7%, according to the Development Budget Coordination Committee, which sets the government’s economic assumptions for budget purposes. The outlook for next year was kept at 7%-9%, the committee said Wednesday.