IIF slashes PH growth forecast to 6.5%
The Institute of International Finance (IIF) cut its gross domestic product (GDP) projection for the Philippines from 7.2% to 6.5%.
In an email, IIF associate economist Yuanliu Hu said they “downgraded the Philippines for several reasons, as pandemic control is still a problem and lacking of vaccine supply sources.” Hu added that the renewed lockdown restrictions dampened the country’s economy.
Further, the IIF said that the Philippines and Thailand will see slower recovery compared to its neighboring countries, as they project that both countries will reach their pre-pandemic output levels by 2022.
Indonesia, Malaysia, and Vietnam are expected to return to their pre-crisis levels this year.
