Sumary of ADB keeps 4.5-percent growth forecast for PH:
- The Asian Development Bank (ADB) has kept its growth forecast for the Philippine domestic output for this year and next year, citing favorable trends that will help the economy recover.
- The Manila-based multilateral institution said its growth outlook for the Philippine gross domestic product (GDP) are unchanged at 4.5 percent in 2021 and 5.5 percent in 2022 in a supplement to its Asian Development Outlook released on Tuesday.
- While the Philippine economy declined by 4.2 percent in the first quarter of this year, it was an improvement over the previous four quarters and in line with growth predictions in April, according to the ADB.
- “Private investment remained sluggish,” the ADB noted, “but indicators such as PMI, industrial production and imports improved gradually.
- “DBCC growth targets maintainedThe ADB’s unchanged growth projection for the Philippines was slower than the government’s retained GDP expansion targets of 6 to 7 percent for 2021 and 7 to 9 percent in 2022. The 6- to 7-percent growth assumptions for 2023 and 2024 were also maintained.
- The maintaining of government’s targets macroeconomic assumptions was announced on Monday night by the Budget department following the Development Budget Coordination Committee’s (DBCC) meeting.