World Bank ups PH GDP outlook to 5.3%
The World Bank increased its 2021 Gross Domestic Product (GDP) growth forecast for the Philippines to 5.3% from the previous 4.3%, following the unexpected third-quarter expansion in the country’s economy.
This latest estimate is higher than the government’s four to five per cent target for 2021.
World Bank Country Director for Brunei, Malaysia, the Philippines, and Thailand Ndiame Diop said that the Omicron variant “added a layer of uncertainty.” However, the recovery trend is expected to continue in the last quarter.
Diop added that the private sector’s participation is important to generate additional jobs and upskill more employees so that the local population “can benefit from new or emerging job opportunities.”
World Bank Philippines Senior Economist Kevin Chua added that a fast-tracked inoculation drive in rural areas can allow the Philippines to quickly achieve herd immunity.
For 2022, the World Bank predicts a less optimistic 5.9% growth as the effects of strict quarantine restrictions is expected to impact the Philippine economy.
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