MOODY’S Investors Service has trimmed anew its growth forecast for the Philippine economy to 5.8 percent from 6 percent after the slower-than-expected second quarter expansion.
“Our expectation of a recovery in domestic demand in the second half of this year and into next year underpins our full-year forecasts for real GDP (gross domestic product) growth of 5.8 percent in 2019 and 6.2 percent in 2020,” it said in a report released on Friday.
The debt watcher’s revised outlook for the country’s economy is its second this year, with the previous figure itself a downward adjustment from the initial 6.2 percent.
The latest projection is lower than last year’s actual growth of 6.2 percent and falls near the lower end of the government’s downwardly revised 6.0-7.0 percent target.
The Philippine economic growth slowed to 5.5 percent in the second quarter of the year. MAYVELIN U. CARABALLO