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Philippines growth forecast steady amid global downgrades — Fitch Solutions
Fitch Solutions has lowered its global economic growth forecast for 2020 to 2.6 percent from 2.7 percent, citing the significant impact of the novel coronavirus disease 2019 (Covid-19).
The forecast reduction is attributed to the rapid spread of Covid-19, which has disrupted earlier expectations of a global growth recovery.
The global financial institution also downgraded China's growth projection from 5.9 percent to 5.6 percent, acknowledging the ripple effect on global projections.
Fitch Solutions warned that supply chain disruptions are already being observed across Asia due to the interconnectedness of trade and investment within the region.
Despite the global outlook adjustment, Fitch Solutions maintained its economic growth forecast for the Philippines for the year.
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News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
Moody's Investors Service has lowered its 2020 economic growth forecast for the Philippines to 6.1 percent from 6.2 percent due to the COVID-19 outbreak, citing spillovers from slower growth in the region, primarily the impact from China.
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S&P Global has lowered its 2020 growth forecast for the Philippines to 6.1% from 6.2% due to the anticipated impact of the coronavirus disease 2019 (Covid-19).
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The International Monetary Fund (IMF) projects the Philippine economy to grow around 6.3% in 2020, with first-quarter growth expected to be close to this figure.
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The Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. (FFCCCII) remains optimistic about the Philippines' economic growth prospects, ranging from 6.5 to 7.5 percent, despite the novel coronavirus threat.
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Fitch Ratings has upgraded the Philippines' credit rating outlook to positive from stable, indicating a potential rise to an "A" level, and affirmed the country's long-term foreign-currency issuer default rating at "BBB".
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