The Philippines has registered 84 successive quarters of positive progress in its gross domestic product (GDP).
From six percent in the third quarter of 2019, this development comes following its posting of a 6.4-percent growth in the fourth quarter of last year.
However, the GDP growth of the Philippines went sluggish to an eight-year low point last year.
From 6.2 percent in 2018, it reportedly booked 5.9 percent a year later.
The Philippines did not achieve the goal of the government of a 6 to 6.5-percent GDP build-up, as per the news posted online by The Philippine Star, a digital and print English-language daily newspaper published in the Philippines.
Among the factors that contributed to this failure is the soft international markets that the delayed passage of the Philippine national budget for 2019 caused.
Another dynamic is the tightening series of events by the Bangko Sentral ng Pilipinas (BSP) regionwide in 2018.
The trade battle happening between China and the United States also reportedly hampered the achievement of growth in the GDP of the Philippines, as per the BSP.
Starting this year, the managers of the Philippine economy are aiming for a GDP growth of 6.5 to 7.5 percent.
But based on the first approximations by the country’s central bank for 2020, the outbreak of the novel coronavirus disease (COVID-19) can rip the Philippine GDP growth by 0.3 percentage points.
The international COVID-19 epidemic has taken its toll on the economies of the world’s nations. These economies include that of the Philippines.
On Tuesday, Moody’s Investors Service decreased the growth forecast for the country to 6.1 percent. This figure is instead of 6.2 percent.
Nevertheless, the bond credit rating company has kept its prediction for next year at 6.4 percent.
Credit and debit watcher S&P Global Ratings has also diminished its projected GDP surge for the country. Instead of 6.2 percent, it forecast it to 6.1 percent.
S&P Global Ratings pointed out that the health crisis coming from China would distort the economic undertakings all over the Asia-Pacific region.
Moreover, the firm relayed that lawmakers in this part of the globe are troubled.
It is because the COVID-19 dilemma is higher-than-normal, and affects supply chains, commodity prices, people flows, and goods trade.
This adverse scenario makes it challenging to make the correct policy measures, S&P said.
Nonetheless, the debt monitoring firm cited that the Philippines is the least impacted by the virus epidemic.
This fact is because its GDP growth projection decreased by merely 0.1 percentage points, S&P remarked.
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