The Philippine economy is projected to grow by more than 5 percent this year, significantly slower than the government’s growth prospects on the back of the slow rebound of household consumption, an economist from ING Bank said.
ING Bank Manila senior economist Nicholas Mapa forecast the country’s gross domestic product (GDP) to grow by 5.1 percent this year and 4.3 percent in 2022 from a record low of -9.5 percent. His estimates fall below the government’s 6.5- to 7.5- percent projection for 2021 and the 8- to 10-percent forecast for 2022.
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