'Failure to effectively contain the virus or implement the mass vaccination may extend mobility restrictions, which could lead to a further drop in income losses, disrupt businesses and delay economic recovery,' World Bank senior economist Kevin Chua says
The Philippine economy will record an even slower economic growth this year following a steep crash in 2020, the World Bank said Tuesday.World Bank economist Kevin Chua said the Philippine economy is expected to recover this year, but this is hinged on the ability to manage the COVID-19 health crisis, effective pandemic containment, mass vaccinations, and further loosening of quarantine restrictions.
"Failure to effectively contain the virus or implement the mass vaccination may extend mobility restrictions, which could lead to a further drop in income losses, disrupt businesses and delay economic recovery." The country likewise saw a resurgence in infections, which started in Metro Manila and nearby provinces, collectively known as NCR Plus. It has now reached parts of Visayas and Mindanao.The 4.7% growth projection will partly reverse last year's 9.6% recession but is well below the government's already downscaled forecast of 6-7% this year.
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