Philippines laggard in Asia's economic recovery

The Philippine economy is described as the 'clear laggard' in Asia due to its slow vaccine rollout and high number of COVID-19 cases.

Moody's Analytics forecasts a 5.3% GDP growth for the Philippines this year, which is lower than previous estimates and the government's target range of 6-7%.

China, Taiwan, South Korea, Vietnam, Indonesia, and Thailand are expected to recover or have already returned to pre-pandemic economic levels.

The Philippine economy contracted by 4.2% in the first quarter of this year, marking its fifth consecutive month of contraction.