Due to the extended lockdown restrictions and rise of COVID19 cases infections, the Asian Development Bank (ADB) is seeing a slower recovery for the Philippines’ economy.
ADB projects a 4.5% GDP (Gross Domestic Product) growth, which was much lower than its initial forecast of 6.5% growth.
Further, ADB noted that vaccine shortage can hamper the country’s immunization program. ADB Philippines Country Director Kelly Bird said, “Priority should be given to addressing the scarring effects of the pandemic on private sector employment. Programs supporting workers and firms impacted by labor market adjustments and reforms to boost productivity growth and investment will help counter the negative effects of the pandemic on employment over the medium term.”
Philippines Country Director Kelly Bird said that “our 4.5% growth forecast is at the lower end of economists’ estimates, so there are upsides to this projection.”.