News » Pantheon upgrades 2021 PH GDP forecast to 5.5%

Pantheon upgrades 2021 PH GDP forecast to 5.5%

UK-based think tank Pantheon Macroeconomics updated its Gross Domestic Product (GDP) growth forecast for the Philippines to 5.5% from the earlier four percent for full-year 2021.

This comes after the Philippine Statistics Authority (PSA) reported a “stronger than expected” 7.1% GDP growth in the third quarter.

Pantheon Senior Asia Economist Miguel Chanco said that despite the retail and recreational sectors remaining below pre-pandemic levels at 88%, “the road to normality is unlikely to face more COVID speed bumps.” 

The average daily cases in the country have now dropped to their lowest levels in months at less than 2,000 per day.

Additionally, the 32% fully-vaccinated population in the country makes Pantheon confident that “the substantial decline in new cases since mid-September is sustainable.”

However, Chanco warned that the strong recovery in consumption would potentially come at the “expense of the speed of a longer-term recovery.” 

Read more here.

Start your
journey today

  • Independent
  • Free
  • Transparent

About OA

Outsource Accelerator is the trusted source of independent information, advisory and expert implementation of Business Process Outsourcing (BPO)

The #1 outsourcing authority

Outsource Accelerator offers the world’s leading aggregator marketplace for outsourcing. It specifically provides the conduit between Philippines outsourcing suppliers and the businesses – clients – across the globe.

The Outsource Accelerator website has over 5,000 articles, 350+ podcast episodes, and a comprehensive directory with 900+ BPO companies… all designed to make it easier for clients to learn about – and engage with – outsourcing.

About Derek Gallimore

Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.