Philippines lowers 2021,2022 growth targets after disappointing Q1 GDP

Health workers provide vaccination cards to residents recently inoculated with AstraZeneca vaccine against the coronavirus disease (Covid-19), inside a bus converted into a mobile vaccination site in Taguig, Metro Manila, Philippines, May 21, 2021. - Reuters

MANILA, May 123 (Reuters): The Philippines has lowered its economic growth targets for this year and next after a deeper-than-expected contraction in gross domestic product (GDP) in the first quarter, its budget minister shad announced earlier this week.

This year's GDP is expected to expand by 6.0%-7.0%, weaker than its previous target of 6.5% to 7.5%, but up from a record contraction of 9.6% in 2020, Budget Secretary Wendel Avisado told a news conference.