The World Bank (WB) has further slashed its growth outlook for the Philippines to 4.7 percent this year, even as the Washington-based multilateral lender remained optimistic that the ongoing mass inoculation against COVID-19—if further sped up—would allow consumer spending and businesses to rebound in the near term.
The World Bank’s latest gross domestic product (GDP) growth forecast for 2021 was not only a downgrade from the 5.5-percent projection in March but also way below the government’s downscaled target range of 6-7 percent.
World Bank senior economist for the Philippines Kevin Chua said in a press briefing on Tuesday that the downward revision reflected the worse-than-e…
Keep on reading: WB further cuts 2021 PH growth forecast to 4.7%