Asean+3 Macroeconomic Research Office (AMRO) has reduced its growth forecast for the Philippines this year, expecting the country to grow just 5.6 percent from an earlier forecast of 6.3 percent.
For next year, it expects the country to grow by 5.5 percent, instead of an earlier forecast of 6.3 percent.
This follows as the think tank also revised downward its Asean+3 growth outlook to 3.8 percent from an earlier 4.2 percent in its Quarterly Update of the Asean+3 Regional Economic Outlook (AREO) report.
For next year, the regional growth is revised to 3.6 percent from 4.1 percent.
(FOR UPDATE LATER)
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