Fitch Solutions on Wednesday downgraded its 2021 Philippine economic growth projection to 5.3 percent from 5.8 percent as the coronavirus disease 2019 (Covid-19) pandemic continues to hamper businesses.
“The Philippines economy will struggle to recover amid its continued struggles containing the Covid-19 pandemic and normalizing economic activity. In particular, domestic activity will rebound slower as output falls sharply in Q221 (second quarter 2021) due to renewed lockdown measures,” Fitch Solutions said in a report.
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