Fitch Ratings cuts PH growth forecasthome/Business/Top Business/Fitch Ratings cuts PH growth forecastFitch Ratings has slashed its 2019 Philippine growth forecast, tagging the delayed approval of the national budget and outside circumstances as reasons for the adjustment. “Fitch has revised down its GDP (gross domestic product) growth forecast for 2019 to 6.2 percent from 6.6 percent previously, as it expects the recent budget delay and external factors to weigh on growth,” the debt watcher said in a report released on Wednesday. The projection matches last year’s actual growth and falls near the lower end of the government’s downwardly-revised 6.0-7.0 percent target. The government’s decision to lower this year’s GDP growth goal to 6.0-7.0 percent, from 7.0-8.0 percent previously, was primarily based on expectations that the budget delay would extend to April. Lastly, Fitch also trimmed its 2019 government revenue-to-GDP estimate to 16.2 percent from 16.5 percent in line with the lower growth forecast.

Source: Manila Times April 24, 2019 16:30 UTC