PH economy remains ‘most vulnerable’ to COVID — Oxford Economics
The Philippine economy continues to be the “most vulnerable” to the effects of the COVID-19 pandemic, according to London-based think tank Oxford Economics.
The country’s vulnerability score — at over 5 in a scale where zero meant the least vulnerability — remained the highest among the 56 advanced and emerging markets in the think tank’s January 2022 assessment.
However, Oxford said that compared to its October assessment, the Philippines is among the economies that showed the “biggest improvements”.
The tourism sector’s direct and indirect contributions accounted for about 25% of the Gross Domestic Product (GDP)— the largest in the region — affecting the nation’s rank.
The local government also stated that an estimated output loss of P3 billion (US$58 million) per week was recorded under alert level 3, accounting for at least half of the economy.
Oxford Economics assigned a weight of 15% to health infrastructure, 19% to health policy, 24% to epidemiology, and 42% to economic vulnerability.
The travel, tourism, and hospitality sectors had a combined 13-percent share in the scorecard.
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