World Bank headquarters in Washington, DCTHE World Bank on Tuesday slashed its 2021 Philippine gross domestic product (GDP) projection due to the larger-than-expected first quarter economic contraction, increase in Covid-19 cases and imposition of stricter quarantine measures in the second quarter. During the launch of the latest Philippines Economic Update on Tuesday, World Bank Senior Economist Kevin Chua said the economy is now projected to grow by 4.7 percent, significantly lower than the 5.5 percent earlier projection. The World Bank's latest projection falls outside the government's downwardly adjusted 6.0 to 7.0 percent projection range for the year. "Also in the second quarter of 2021, we've seen the imposition of quarantine measures, alongside the increase in Covid-19 cases. This also has affected domestic activity, considering that much of Metro Manila and nearby provinces are in stricter measures for more than one and a half months, so that also impacted our projections," he added.

Source: Manila Times June 08, 2021 04:51 UTC