THE Philippines will likely extend a run of missed growth goals to 2025 before it manages to achieve the feat next year, Fitch Ratings said on Tuesday.
In a commentary, the debt watcher said that gross domestic product growth could pick up to 5.9 percent this year, improving from the 5.6 percent recorded in 2024.Last year's result — lower than the 6.0- to 6.5-percent goal — marked a second straight GDP growth miss after 2023's 5.5 percent fell below the targeted 6.0- to 7.0-percent.Fitch's 2025 projection is also lower than the 6.0- to 8.0-percent that economic managers want to achieve this year.
Fitch still expects continued strong medium-term GDP growth and gradual fiscal consolidation in the Philippines as reflected in the 'BBB'/Stable rating that was affirmed last June.However, it warned of lingering domestic and external uncertainties, with risks skewed towards slower consolidation.'Domestic political conflicts, which have escalated ahead of the midterm elections, could, if sustained, weigh on economic and fiscal performance,' it said.
Expected To Post Another Growth Miss
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