New York based think tank Global Source said that the Philippines would likely avoid a recession this year but would have a snail’s pace growth through next year. Deputy Director General Rolando Tumpalan of the National Economic and Development Authority (NEDA) reported this on Tuesday, during the weekly Cabinet meeting held in Bukidnon province in southern Mindanao.
Last week, the World Bank made a similar forecast.
Global Source predicted that the domestic economy would grow by 0.5 percent to 1 percent this year, revising its previous forecast of a 2.5-percent growth. This new forecast is slightly more bearish than the government’s latest official gross domestic product (GDP) forecast expansion of 0.8 percent to 1.8 percent. GDP is the total value of goods and services produced in a country in a year.