Foreign analysts revised the Philippines' growth outlook to 6% due to 6.3% Q2 GDP growth, base effects, and increasing external risks.

Foreign analysts, including Fitch Solutions and Citi Philippines, have revised the Philippines' growth outlook to 6%, with the GDP growth at 6.3% in Q2 due to base effects. Analysts predict the BSP will cut interest rates this week and in October and December to support the economy, as exports halved their previous quarter contribution. Despite the stronger Q2 growth, household consumption only had marginal growth, and rising external headwinds from advanced economies' slowdown could affect expansion.

August 12, 2024
3 Articles