The Government still expects the economy to expand this year albeit at a slower pace than the government's target of 3.1 to 4.1 percent, while the budget deficit could be wider than estimated.
This is according to Economic Planning Chief Ralph Recto, who also said that the budget deficit goal this year may be raised to 3.0 percent of GDP or higher.
However, Recto declined to give details on the new estimates up for approval.
Inquirer
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