The impact of politicians bickering over the 2019 national budget lingers on, as the country’s gross domestic product (GDP) settled below target at 5.5% in the 2nd quarter of 2019.
The latest figure, announced on Thursday, August 8, is lower than the 5.6% recorded in the 1st quarter.
It also remains below the government’s target of 6% to 7%.
The GDP is an economic indicator which accounts for all the finished goods and services produced within the country in a specific period. (READ: [ANALYSIS] The poor quality of economic growth under Duterte)
The government’s economic managers now need to aggressively spend on programs and infrastructure projects to hit the target in 2019.
Multilateral lenders like the World Bank and the Asian Development Bank already downgraded GDP growth forecasts, but still projects it to cling to the lower end of the target band at 6.2%. – Rappler.com