Growth forecasts for the Philippines collected by Barcelona-based FocusEconomics showed below-target consensus expectations averaging 5.6 percent for 2021, mainly due to sluggish mass vaccination against COVID-19.
In its latest emerging markets outlook 2021-2022 report, FocusEconomics noted that only Allianz and Capital Economics projected the Philippines’ gross domestic product (GDP) this year growing in line with the government’s downscaled 6-7 percent target range.
Allianz was the most bullish with its forecast of 7.8-percent growth in 2021, while Capital Economics projected 6 percent, or the lower end of the target band.
On the other hand, ANZ’s forecast was 4.8-percent GDP …
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