World Bank slashes GDP growth forecast for the Philippines

Virus woes: Call-centre agents tend to customers in Cavite province in the Philippines. The unemployment rate climbed to 8.7% in April, equivalent to more than four million jobless people, from 7.1% in March as the country battles the pandemic. ― Bloomberg

MANILA: The World Bank has slashed its Philippine growth projection for this year due to a deeper-than-expected contraction in the first quarter and the reimposition of stricter quarantine measures in the capital region to contain a surge in Covid-19 cases.

While growth in the Philippines remains on track for recovery, the bounce back this year will likely be lower than previously expected at 4.7%, Kevin Chua, World Bank senior economist, told a media briefing.