Fitch Solutions trims PH growth forecast amid third wave

Fitch Solutions lowered its Philippine economic growth forecasts for 2021 to 5.3%, from an earlier projection of 5.8%, citing difficulties in controlling COVID-19 cases and slow vaccination progress.

The think tank also reduced the GDP forecast for 2022 to 6.5% from 8.2%, noting that renewed lockdowns in March delayed economic recovery.

Fitch Solutions predicts the Philippine economy will continue to struggle due to ongoing challenges with controlling the spread of COVID-19 and normalizing economic activity.