ADB maintains PH 2021 growth outlook at 4.5%
The Philippines’ economic growth outlook was retained at 4.5% for 2021 and 5.5% for 2022 in Asian Development Bank’s (ADB) newly-released Asian Development Outlook 2021 Update.
ADB’s outlook forecast reflects the government’s revised Gross Domestic Product (GDP) target of four to five per cent for the whole year, as the economy recovers from the 9.6% contraction last 2020.
In contrast, the Manila-based multilateral lender has downgraded its Southeast Asia outlook to 3.1% from 4% in July due to the Covid-19 Delta variant surge that slowed the growth momentum.
This put the Philippines in the third place to pose economic growth in the region, next to Singapore’s 6.5% and Malaysia’s 4.7%
ADB Macroeconomics Research Division director Abdul Abiad said that the continuous vaccination programs in the country and the government’s infrastructure investments are driving the economic recovery this year.
However, ADB warned the Philippines of emerging COVID-19 variants that may lead to a new surge of infections and lockdown measures.
