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World Bank lowers Philippine economic growth forecast for 2021

The World Bank has lowered its forecast on the Philippines' gross domestic product growth for 2021 to 4.7 percent from 5.5 percent in March, according to an updated report released by the bank on June 8.
World Bank lowers Philippine economic growth forecast for 2021 ảnh 1A policeman (right) monitors people at the entrance to a neighbourhood under strict quarantine measures in Pasay City, suburban Manila (Photo: AFP)
Hanoi (VNA) - The World Bank has lowered its forecast on thePhilippines' gross domestic product growth for 2021 to 4.7 percentfrom 5.5 percent in March, according to an updated report released by the bankon June 8.

Under the impact of the COVID-19 pandemic, the PhilippineEconomic Update said the economy is forecast to grow at 4.7 percent this yearbefore accelerating to 5.9 percent in 2022 and 6.0 percent in 2023.

These forecasts reflect revisions to growthprojections due to the larger-than-expected economic contraction in the firstquarter, the reimposition of stricter quarantine measures in April and May inresponse to a surge in COVID-19 infections, and the lingering challenges fromhigh inflation and losses in household incomes, the report said.

It said the resurgence of COVID-19 cases andreimposition of more stringent quarantine measures held back the early signs ofan economic rebound.

Meanwhile, Ndiame Diop, World Bank Country Directorfor Brunei, Malaysia, the Philippines, and Thailand, said the global economicrebound, especially among the country's trading partners, will boost exportsand increase remittances, strengthening recovery in the Philippines.

Diop stressed the need to ramp up vaccination,improving overall pandemic response to control infection rates and boostconsumer and business confidence.

According to World Bank senior economist Kevin Chua, thePhilippines' growth prospects hinge on the country's ability to manage thepandemic./.


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