PHILIPPINE ECONOMIC GROWTH this year could slump to its slowest in nearly two decades as price pressures from the energy crisis compound already muted household spending and investments.
In a report published on Monday, Oxford Economics slashed its Philippine gross domestic product (GDP) growth forecast to 3.5% from its already downgraded 4.6% estimate. Before the war, it expected the economy to expand by 5.5%.
If realized, this would mark the economy’s worst performance since 2020, when it contracted by 9.5%. Counting out the pandemic, it would be the slowest growth in 17 years or since 1.4% in 2009.
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