PH GDP growth forecast downgraded to 4%

PH GDP growth forecast downgraded to 4%

The Philippine economic growth is projected to hit only 4% due to the strict lockdown protocols and delayed vaccine rollout, said New York-based think tank Global Source.

While Global Source downgraded its 2021 forecast from 5.5%, it upped its 2022 Gross Domestic Product (GDP) growth forecast from 5% to 6.5%.

“Although restrictions have been eased since mid-May, a vigorous climb up will not be possible without wider vaccination to build up consumer confidence. But while the race to quickly vaccinate as many as possible has begun, the effort is hobbled by vaccine supply uncertainty, logistics and roll out learning curve and high level of vaccine hesitancy,” Global Source said.

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