“I think the main factor would be the faster than expected slowdown in the global economy,” ADB country director for the Philippines Kelly Bird said. ADB said it expects growth in developing Asia to moderate this year and next due to slowing global demand and persistent trade tensions. Based on the ADO, the region’s growth is expected soften to 5.7 percent in 2019 and 5.6 percent in 2020, lower than the 5.9 percent growth in 2018. Compared to its Southeast Asian neighbors, the Philippines is the only country with a positive growth forecast for this year. The World Bank Group has likewise lowered its growth forecast to 6.4 percent from the previous 6.5 percent estimate.

Source: Philippine Star April 03, 2019 16:00 UTC