The World Bank on Tuesday downgraded its Philippine economic forecast citing the resurgence in COVID-19 cases and reimposition of restrictions that could affect recovery this year.
The country's Gross Domestic Product can grow to 4.7 percent from the initial forecast of 5.5 percent, World Bank senior economist Kevin Chua said in a virtual briefing.
The figure is below the government's growth target of 6 to 7 percent for 2021. The initial target was also downgraded from 6.5 to 7.5 percent. Gross domestic products contracted by 9.6 percent in 2020, its worst since the end of World War 2, due to the impact of COVID-19. The economy fell 4.2 percent in the first quarter of 2021 but it has been showing signs of recovery, authorities have said. Another lockdown was imposed on March 29 after the confirmed daily COVID-19 cases surged. Quarantine measures in the NCR Plus areas have since been relaxed.
Despite the imposition of another lockdown, which was less strict compared to last year, the Philippines has time to "catch up" on its growth targets, Socioeconomic Planning Secretary Karl Kendrick Chua said during the pre-SONA economic briefing.
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