ADB: PH has highest Asean output gap

The Philippines has the highest output gap in ASEAN, with actual economic output significantly lower than its prepandemic potential.

Despite a better-than-expected 5.6% GDP growth last year, the country's actual output was 15.7% below what it would have been without the pandemic.

Even if the economy grows by 6% this year as projected, the output gap will remain at 16%, leading to labor market scarring.