ADB lowers 2019 PH growth forecast to 6.4%
Credit to Author: ANNA LEAH E. GONZALES| Date: Wed, 03 Apr 2019 03:09:05 +0000
THE Asian Development Bank (ADB) on Wednesday trimmed the country’s economic growth forecast to 6.4 percent this year from the previous 6.7 percent because of the impact of the prolonged dry spell and budget approval delay.
In its new Asian Development Outlook (ADO) 2019, ADB also projected the 2020 economic growth at 6.4 percent.
“Risks to the growth outlook tilt to the downside. External risks would stem from an unexpectedly deep slowdown of economic growth in the advanced economies which are major export markets and sources of foreign direct investments for the Philippines,” the report said.
Other external risks, according to ADB, include the uncertainties brought by the global trade tensions and potential heightened volatility in international financial markets.
“Domestic risks to growth would be severe prolonged dry spells and the delay in approving the 2019 budget, which could slow the implementation of new large infrastructure projects and social programs this year,” ADB said.
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