AMRO cuts Philippine GDP outlook to 6.9%

The ASEAN+3 Macroeconomic Research Office (AMRO) has revised its 2021 growth forecast for the Philippines to 6.9%, down from a previous estimate of 7.4%.

This downgrade comes amid rising COVID-19 cases and poor containment efforts, with AMRO emphasizing the need for decisive and proactive virus control measures alongside increased fiscal support.

The UN Economic and Social Commission for Asia and the Pacific (ESCAP) also lowered its growth forecast to 6.5% from an earlier projection of 7%, citing ongoing pandemic threats and economic disruptions in the Philippines.