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Philippines cuts GDP growth outlook

Christian Fernsby |
The Philippine government cut its economic growth outlook for this year as high daily numbers of coronavirus infections weighs on the recovery.

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GDP is now tipped to grow 4-5 per cent this year, compared with a previous estimate of 6-7 per cent, according to the Development Budget Coordination Committee, which sets the government's economic assumptions for budget purposes. The outlook for 2022 was kept at 7-9 per cent, the committee said Wednesday.

"Our strategy is to continue managing the risks carefully by imposing granular quarantines, while allowing a vast number of people to earn a living," it said in a statement.

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