Business

Philippines lowers 2021, 2022 growth targets after disappointing Q1 GDP

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.

FILE PHOTO: Daily life amid Coronavirus outbreak in Manila
FILE PHOTO: People wearing masks for protection against the coronavirus disease (COVID-19) pass a mural dedicated to healthcare workers, in Pasig City, Metro Manila, Philippines, October 30, 2020. REUTERS/Eloisa Lopez

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MANILA: 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 6.0per cent-7.0per cent, weaker than its previous target of 6.5per cent to 7.5per cent, but up from the previous year's record contraction of 9.6per cent, Budget Secretary Wendel Avisado told a news conference.

Growth next year is projected at 7.0per cent to 9.0per cent, Avisado said, also down from a previous target of 8.0-10per cent.

(Reporting by Neil Jerome Morales and Karen Lema; Editing by Ed Davies)

Source: Reuters