Goldman Sachs further cuts 2021 GDP growth forecast for PH

By besguerra9 days ago

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Amid prolonged quarantine for over a year now and the reimposition of tighter restrictions before the first quarter ended in areas accounting for half of the economy, the Philippines gross domestic product (GDP) likely contracted faster year-on-year in the first quarter.

Investment banking giant Goldman Sachs projected the countrys first-quarter GDP to have shrunk by 1.1 percent year-on-year, faster than the 0.7 percent contraction a year ago.

For the entire 2021, Goldman Sachs sees the economy growing by 7.7 percent, slower than the 8.4-percent expansion it projected in January.

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