News » PH economy expected to shrink by 1.9%

PH economy expected to shrink by 1.9%

PH economy expected to shrink by 1.9%

The World Bank (WB) is projecting the Philippine economy to shrink by 1.9% this year due to COVID-19. In its latest Philippine Economic Update, WB slashed its gross domestic product (GDP) output forecast for the country to -1.9% from the 3% baseline projection it gave in April and the 6.1% estimated in January.

Further, WB stressed the need for the Philippines to ramp up the digital transformation deemed crucial under the “new normal,” stating that the the country could be a “significant player in the global digital market” as the number of Filipino internet users continue to rise and its domination in the Information Technology and Business Process Outsourcing (IT-BPO) industry.

“Increasing digital adoption and its contribution to economic growth requires government actions to create a conducive and competitive business environment,” it added.

For next year, WB maintained its 6.2% growth projection it gave in April and estimated a 7.2% growth in 2022 as the economy is expected to make a gradual 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.