Philippine Economy Seen Recovering in 2021, with Stronger Growth in 2022 ADB
News Release | 28 April 2021
MANILA, PHILIPPINES (28 April 2021) Public spending on infrastructure and social assistance, better progress in the country’s coronavirus (COVID-19) vaccination drive, and a steady recovery in the global economy will underpin growth of the Philippine economy this year and the next, according to a new report from the Asian Development Bank (ADB) released today.
The
Asian Development Outlook (ADO) 2021, ADB’s flagship economic publication, forecasts the Philippine economy to grow by 4.5% in 2021 and 5.5% in 2022. Substantial progress in the country’s vaccination rollout will help restore consumer and business confidence, though uncertainties over how the pandemic will unfold globally and domestically can pose risks to growth prospects.