Growth still likely to fall below target

May 13, 2023 12:32 am

DESPITE better-than-expected first-quarter results, Philippine economic growth could still miss this year's target due to high interest rates, weak global demand and a consumption slowdown, a Fitch Group unit said.

In a commentary, BMI Country Risk & Industry Research said it was maintaining its full-year gross domestic product (GDP) growth forecast for the country at 5.9 percent, below the government's goal of 6.0 to 7.0 percent.

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