PH to grow by seven per cent

PH to grow by seven per cent

Moody’s Investors Service says the Philippines is likely to recover from the adverse economic repercussions of the pandemic with a seven percent gross domestic product (GDP) growth this year.

The projected GDP growth for the Philippines for this year is the same as that of China, Malaysia and faster than Cambodia’s 5.9 percent, Indonesia’s 4.7 percent, Thailand’s four percent, and Taiwan’s 3.7 percent.

In a report, Moody’s said, “In India, the Philippines, Hong Kong and Singapore, continuing pandemic-related constraints inhibit a complete recovery to 2019 output levels in 2021, despite our projections of relatively rapid real GDP growth.

The widespread fallout from the pandemic and the measures adopted by sovereigns to contain it has created an economic, fiscal and social shock that will last into 2021 and beyond. Recovery across the region will be shaped by policy effectiveness in containing the pandemic.”

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