Philippine economy seen recovering in 2021, with stronger growth in 2022, says ADB

The Philippine economy shrank 9.6 per cent in 2020, the lowest gross domestic product since 1946, due to the pandemic. - The Straits Times/ANN

MANILA (Xinhua): Public spending on infrastructure and social assistance, better progress in the country's Covid-19 vaccination drive, and a steady recovery in the global economy will underpin the growth of the Philippine economy this year and the next, according to a new Asian Development Bank (ADB) report released on Wednesday (April 28).

The Asian Development Outlook (ADO) 2021, ADB's flagship economic publication, forecasts the Philippine economy to grow by 4.5 per cent in 2021 and 5.5 percent in 2022.