Nalin Chutchotitham, economist for the Philippines at Citi, said the economy would likely grow by 5.8 percent this year, lower than their previous forecast of six percent. This is also below the government's target of six to seven percent for 2024.
The downward revision was mainly due to the 5.2-percent outtum in the third quarter, slower than their previous estimate of 6.4 percent.
"We lower our 2024 GDP growth forecast slightly to 5.8 percent from six percent, mainly due to a weak third-quarter outturn that had been a result of several temporary, weather-related factors," Chutchotitham said.
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