Economy to grow 6.4% this year : S&P Global Ratings report

August 22, 2017

The Philippine economy will likely grow over six percent this year until 2020, boosted by strong domestic demand, said a S&P Global Ratings report.

S&P Global projected the economy, as measured by gross domestic product (GDP), to grow by 6.4 percent this year, lower from last year’s 6.9 percent.

In the first semester, the economy grew by 6.4 percent from last year’s 7 percent.

For 2018, the economy is projected to grow 6.4 percent; 6.6 percent for 2019 and 6.7 percent for 2020.

“We expect strong domestic demand to drive solid GDP expansion over the next few years, at about 6.5 percent  annually,” S&P Global said.

S&P said external factors will continue to be main source of risks: rising protectionism overseas, geopolitical tensions, or uncertainty in financial markets that could lead to capital outflows.

“The tail risk of a spillover of tension and fighting in the south (between government forces and extremists) appears to have receded significantly,” it added. DMS