PhilStar-Mar 26

Failure to control a renewed spike in coronavirus infections has dampened World Bank’s growth prospects for the Philippines, with the economy seen regaining less ground this year due to delays in mass vaccinations and underspending. From its old forecast of 5.9% growth made in December, the Washington-based lender now sees gross domestic product growing at a slower pace of 5.5% this year after a record-breaking 9.5% collapse in 2020. The adjusted forecast is also more pessimistic than the Duterte administration’s own target of 6.5%-7.5% for 2021. Sought for comment, Acting Socioeconomic Planning Secretary Karl Kendrick Chua, himself a former World Bank economist before entering public service, told reporters it was “too early in the year to make changes” to the forecast.

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https://www.philstar.com/business/2021/03/26/2087155/world-bank-cuts-outlook-philippines-latest-virus-struggles