MANILA, Philippines—A combination of expensive consumer goods and slow mass vaccination during a COVID-19 surge prompted the World Bank to temper its recovery forecast for the Philippines while an economic research firm said the country’s economy was in a “worrisome state.”
“Elevated inflation, a large output gap, a recent resurgence of COVID-19 infections, and limited vaccine availability are all reasons for concern,” said Katrina Ell, Moddy’s Analytics economist, in a March 25 report titled “The Philippines is a worry.”
The rate of increase in prices of basic commodities rose by an average of 4.5 percent during the first two months of 2021, above the Bangko …
Keep on reading: Moody’s Analytics: PH economy in `worrisome’ state