With greater uncertainty brought about by the prolonged COVID-19 pandemic, the Asian Development Bank (ADB) has slashed its growth forecast for the Philippines to 4.5 percent in 2021.
From its previous gross domestic product (GDP) growth forecast of 6.5 percent for this year, the Manila-based multilateral lender’s updated projection for its host-country was now below the government’s 6.5-7.5 percent target range, its flagship Asian Development Outlook (ADO) 2021 report released on Wednesday showed.
ADB country director for the Philippines Kelly Bird told a press conference that their latest forecast was a “floor,” which meant they expected the growth rate to be a minimum of 4.5 per…
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