MANILA, Philippines — 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 at least 4.5 percent in 2021.
From the previous rosier estimate of 6.5-percent gross domestic product (GDP) growth 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 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 growt…
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