Country Economic Forecasts - Philippines
GDP growth in 2019 is still expected at 5.8% before picking up to 6% in 2020. Private consumption growth should remain robust, helped by a low unemployment rate and steady growth in remittances. Public spending and investment growth should continue to benefit from a larger fiscal expansion and progress in the government’s infrastructure program. Meanwhile, private investment is forecast to recover moderately, supported by looser monetary conditions and an improvement in business sentiment. Higher import growth, fuelled by increased investment and economic activity, should outpace exports causing net external trade to exert a slightly larger drag on growth in 2020.
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