Philippines has biggest output gap among Asean-5
The Asian Development Bank (ADB) reported on Thursday that the Philippines has the largest output gap compared to pre-pandemic levels among Asean-5 countries due to prolonged COVID-19 impacts.
While the Philippine economy is expected to grow by 6% in 2022, this growth rate still deviates significantly from pre-pandemic trends at -16.4%, the highest deviation in Asean-5.
ADB highlighted that a surge in Omicron cases could further strain weak health systems like those in the Philippines, potentially impacting economic recovery.
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