MANILA — The World Bank has slashed its Philippine growth projection for this year due to a deeper-than-expected contraction in the first quarter and the reimposition of stricter quarantine measures in the capital region to contain a surge in COVID-19 cases.
While growth in the Philippines remains on track for recovery, the bounce back this year will likely be lower than previously expected at 4.7%, Kevin Chua, World Bank senior economist, told a media briefing.
The World Bank’s forecast was cut from its previous projection of 5.5% and compares with the Philippine government’s 2021 growth target of 6.0%-7.0%.
The economy contracted by a record 9.6% last year.
Chua flagged a…
Keep on reading: World Bank slashes 2021 GDP growth forecasts for the Philippines