Philippines lowers 2021, 2022 growth targets after disappointing Q1 GDP



MANILA, May 18 (Reuters) - The Philippines has lowered its economic growth targets for this year and next after a deeper-than-expected contraction in gross domestic product (GDP) in the first quarter, its budget minister said on Tuesday.

This year's GDP is expected to expand by 6.0%-7.0%, weaker than its previous target of 6.5% to 7.5%, but up from a record contraction of 9.6% in 2020, Budget Secretary Wendel Avisado told a news conference.

"The effects of the COVID-19 pandemic may remain in the short-term, but we are optimistic that the economy will return to its upward growth trajectory starting this year," Avisado said.

Growth next year is projected at 7.0% to 9.0%, Avisado said, also scaled back from a previous target of 8.0-10%, before it is seen slowing to 6.0% to 7.0% in 2023 and 2024.

Strict and lengthy lockdowns aimed at containing the spread of the coronavirus have ravaged the Southeast Asian economy, which before the pandemic was among Asia's fastest growing.

The Philippines has gradually eased COVID-19 curbs to encourage business activity and allow greater mobility, but the speed at which it can fully reopen will depend on how fast it can immunise a third of its estimated 110 million people against coronavirus to achieve herd immunity.

Officials said on Tuesday the government's immunisation drive, which began on March 1, is gaining momentum after a slow start, with daily inoculations now reaching more than 120,000 from around 43,000 in mid-April.

The Philippines is battling one of the worst COVID-19 outbreaks in Southeast Asia, with over 1.1 million confirmed cases and more than 19,000 deaths.

For this year and next, the government expects a budget deficit equal to 9.4% of GDP and 7.7% of GDP, wider than its previous targets of 8.9% and 7.3%, respectively, due to lower corporate tax collections.

The government passed a law in March lowering corporate tax rates to attract much-needed investment and create jobs.


Reporting by Neil Jerome Morales and Karen Lema Editing by Ed Davies

免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。

所有缐上交易平台所發佈的資料,僅適用於教育/資訊類用途,不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議,或是交易價格紀錄,或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。

本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。

我們運用 cookies 提供您最佳之網頁使用經驗。更改您的cookie 設定跟詳情。

風險提示: 您的資金存在風險。杠杆商品可能不適合所有客戶。 請詳細閱讀我們的風險聲明