The Philippines’ economic growth in 2021 and 2022 will be supported by sustained growth in public infrastructure spending, improving consumer confidence, and progress in the national coronavirus disease (COVID-19) vaccination.
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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.
The Philippines should consider developing industry transformation maps in key sectors to enable the transition to the fourth industrial revolution (4IR) with adequate investment in skills development for new and repositioned jobs.
The finding is one of seven key recommendations emerging from ADB’s study Reaping the Benefits of Industry 4.0 Through Skills Development in The Philippines.