WB cuts PH growth forecast to 4.7%

The World Bank has further reduced its 2021 GDP growth forecast for the Philippines to 4.7%, citing a larger-than-expected economic contraction and reimposed lockdowns.

This revision is lower than previous forecasts of 5.5% and falls below the government's revised target range of 6-7%.

The downgrade reflects the first quarter's 4.2% year-on-year GDP decline and renewed strict quarantine measures in response to rising COVID-19 cases.

World Bank economist Kevin Chua noted that a faster vaccination rollout could help consumer spending and businesses rebound, but warned against another surge in infections.