The United Nations Economic and Social Commission for Asia and the Pacific on Thursday reduced the 2016 economic growth forecast for the Philippines to 6.3 percent from 6.4 percent.
The Bangkok-based UN unit also adjusted downward its forecast for 2015 growth to 5.9 percent from the previous estimate of 6.5 percent.
The regional development arm of UN, in its “Economic and Social Survey of Asia and the Pacific 2015: Year-end Update” report, said the revision followed the weak external demand for Philippine exports after the slowdown in China.
“Since China is a major export destination for many regional economies, this gradual slowdown is posing a considerable challenge to the region’s economic growth,” It said.
The Philippine economy grew 6 percent in the third quarter of 2015, pushing average growth rate in the first three quarters to 5.6 percent, below the government’s target of 7 percent to 8 percent.