PH 2021 GDP forecast lowered to 3.5%
New York-based market research firm GlobalSource Partners has downgraded its 2021 Gross Domestic Product (GDP) growth forecast for the Philippines to 3.5%.
According to a report written by economists Romeo Bernardo and Marie Christine Tang for GlobalSource, the country’s economy is expected to be under “indefinite mobility restrictions” as herd immunity is still out of the country’s reach.
The global think tank has recently stated that the Philippine economy may progress quickly as the vaccination drive in the country strengthens,
However, it retracted its statement and lowered its projection as the highly contagious Covid-19 delta variant started to spread in the county and lockdowns had to be reimposed.
The company’s report further states that the economy’s up-and-down state this year shows that it is tightly linked to the “successes and failures in managing the health crisis.”
Meanwhile, GlobalSource has retained its 2022 GDP growth forecast at 6.5%, lower than the local government’s GDP growth target of 7-9%.
Related news
- Manila office vacancy hits record high · 7 Sep
- Health experts push interventions to help NCR granular lockdowns · 7 Sep
- Metro Manila to be placed on GCQ starting Sept 8 · 6 Sep
Disclosure: Outsource Accelerator uses AI tools in the backend of its editorial workflow. Every article is reviewed and verified by a human editor before publication.
Stay ahead of the outsourcing industry. Join thousands of business leaders who rely on Outsource Accelerator for the news, trends, and expert insights that matter. Subscribe to our free newsletter and never miss an update.
