World Bank cuts 2021 PH growth projection

By Anna Leah E. Gonzales

Jun 09, 2021 1:23 am

THE World Bank 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 the 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 headquarters in Washington, D.C. XINHUA FILE PHOTO

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