PH expected to miss 2019, 2020 GDP goalshome/Business/Top Business/PH expected to miss 2019, 2020 GDP goalsPhilippine economic growth will fall below target this year and the next, one of the big three debt watchers and an economist from a multinational investment bank said on Wednesday. Citing high interest rates and weak external demand, S&P Global Ratings forecast gross domestic product (GDP) growth of 6.4 percent for 2019 and 6.6 percent for 2020, below the government’s 7.0-8.0 target for both years. UBS Executive Director and senior economist for Asean David Teather, meanwhile, told reporters that growth was unlikely to hit 7 percent in 2019 and 2020. S&P also warned that uncertainties over US interest rates and trade tensions between developed countries posed risks to the Philippine economy. It also believes that the banking system has sufficient capital buffers and coverage against non-performing assets to withstand emerging risks from currency volatility, higher interest rates, slower growth, and global macroeconomic headwinds.

Source: Manila Times February 27, 2019 16:41 UTC