(Bloomberg) -- The Philippines’ economic officials revised their forecast for this year’s GDP to a decline of 2% to 3.4%, a deeper contraction than the estimate of a 1% drop by made by Finance Secretary Carlos Dominguez weeks ago.
The group known as Development Budget Coordination Committee expects next year’s GDP to rebound to a growth of 7.1% to 8.1%, according to a statement. This year’s budget deficit is projected to hit 8.1% of GDP from a previous estimate of a 5.3%, it said.
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