Congress office cuts 2009 growth forecast

articleId=487348&publicationSubCategoryId=66″>MANILA, Philippines – The Congressional Planning and Budget Department (CPBD), the think-tank of the House of Representatives, has cut its economic growth forecast for 2009 on the back of the lower-than-expected growth in the first quarter of the year and despite expectations that the economy grew faster in the second quarter.

From a previous forecast range of 3.2 percent to 4.1 percent for 2009, the CPBD revised its economic growth assumption to a range of 0.6 percent to 1.8 percent. This is just slightly lower than the government’s latest economic growth projection of 0.8 percent to 1.8 percent, revised downward from 3.1 percent to 4.1 percent.

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