Latest report from UK-based data and analytics company GlobalData projected at least five percent growth in the Philippine economy as the vaccination rollout and lockdown possibilities may curb economic recovery.
The firm’s prediction falls below the six to seven percent updated growth target set by the government. India and China are estimated to lead a 9.4% and 8.61% growth, respectively. Philippines’ neighbors, Indonesia and Malaysia, are projected to also register a five per cent growth.
Gargi Rao, a GlobalData economic analyst, said “Many developing countries are unable to make substantial progress in vaccine deployment due to less policy capacity to support economic activity compared to advanced economies”.
As the economic recovery gains traction in advanced countries, Rao reiterates that governments “should focus on protocols that provide a seamless transition of labor across various sectors while protecting the vulnerable, reducing trade costs, and extending digital connectivity access.”