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Philippines revises down 2019 GDP growth target

The Philippines on March 13 lowered its GDP growth target for this year to 6-7 percent, instead of 7-8 percent, citing the impact of a delay in the approval from the legislature for this year's budget.
Philippines revises down 2019 GDP growth target ảnh 1Illustrative image (Source: zdnet.com))

Hanoi (VNA) - The Philippines on March13 lowered its GDP growth target for this year to 6-7 percent, instead of 7-8percent, citing the impact of a delay in the approval from the legislature forthis year's budget.

The Philippine Government also raised itsinflation target for this year to 3-4 percent instead of a 2-4 percent range,Reuters reported.

The growth target for next year has also beentrimmed to 6.5-7.5 percent rather than 7-8 percent.

The GDP growth targets for 2021-2022 remainat 7.0-8.0 percent, the government's Development Budget Coordination Committeesaid.

The same day, Socioeconomic PlanningSecretary Ernesto Pernia said the Philippine economy may grow by aslittle as 4.2-4.9 percent this year if a delay in full approval of the budgetcontinues.-VNA
VNA
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