World Bank cuts PH growth forecast to 5.5%

The World Bank cut its 2021 growth forecast for the Philippines to 5.5% from 5.9%, citing high COVID-19 cases, slow vaccination rollout, and weak government spending.

Despite this downgrade, Acting Socioeconomic Planning Secretary Karl Kendrick Chua said the government would maintain its target of 6.5% to 7.5% GDP growth for the year.

The bank noted that the Philippines' strict lockdown measures have imposed significant economic costs without effectively containing the virus.