Moody’s lowers economic forecast for PH
Debt-watcher Moody’s Investors Service lowered its economic forecast for the Philippines to a total contraction of seven per cent, deeper than its earlier projection of 4.5 percent contraction.
Citing unfavorable trends in the Philippines, Moody’s said it needed to revise its forecast as “our projection of an economic recovery in the second half—while still intact—will be less robust than previously assumed.”
The debt-watcher noted that the record gross domestic product (GDP) contraction in April to June, which put the country into a technical recession, reflected the “severe impact” of the enhanced community quarrying on domestic demand.
