Saturday, July 2, 2022
  • About
  • Advertise
  • Careers
INFINITE NEWS
  • Home
  • News
  • Politics
  • Business
  • Boxing
  • Chess
  • Lifestyle
  • Contact Us
  • NBA Basketball
  • About Us
No Result
View All Result
INFINITE NEWS
Home Uncategorized

ADB raises PHL economic outlook for this year, 2022

cnc_channel by cnc_channel
December 14, 2021
in Uncategorized
0
ADB raises PHL economic outlook for this year, 2022
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


Shoppers look for bargains at a market in Taytay, Rizal amid the holiday season. — PHILIPPINE STAR/ MICHAEL VARCAS

THE ASIAN Development Bank (ADB) raised its Philippine growth forecast for this year and 2022, amid a heightened coronavirus vaccination drive and a plunge in new cases.

In the supplement to the Asian Development Outlook 2021, the multilateral lender said it now expects the Philippines’ gross domestic product (GDP) to grow by 5.1% this year, from 4.5% given in September. It exceeds the government’s downgraded 4-5% target this year.

Related posts

Poulin leads Canada women to Olympic gold in 3-2 win over US

Poulin leads Canada women to Olympic gold in 3-2 win over US

February 18, 2022
Passengers get Valentine’s Day gifts at Batangas city Grand Terminal

Passengers get Valentine’s Day gifts at Batangas city Grand Terminal

February 18, 2022

For 2022, GDP is expected to rise by 6%, from the previous projection of 5.5%. This is below the government’s 7-9% goal.

“The Philippine economy has shown impressive resilience,” ADB Philippines Country Director Kelly Bird said in a statement on Tuesday.

“Growth momentum has clearly picked up on the back of the government’s vigorous drive to vaccinate Filipinos against the COVID-19 virus. Public spending on infrastructure and continued vaccination of the population will help the country further accelerate its recovery in 2022.”

A 5.1% GDP growth this year would reverse the record 9.6% contraction in 2020, but is still lower than the pre-pandemic 6.1% expansion in 2019.

The multilateral bank said the country’s economic performance in the third quarter was a surprise as it expanded by 7.1% year on year.

Third-quarter growth was lower than 12% in the preceding quarter after lockdowns were reimposed to contain a Delta-driven surge in COVID-19 cases. 

“Vaccination has allowed the economy to slowly reopen, boosting consumer and business confidence,” ADB said.

The government has accelerated its vaccine rollout and allowed people to move more freely. Daily COVID-19 infections have also dropped from the peak in September.

About 36.59% of Filipinos have been fully vaccinated against COVID-19, the Johns Hopkins University tracker showed. 

Meanwhile, the ADB raised the inflation outlook for the Philippines to 4.4% for 2021 and 3.7% for next year due to soaring oil prices. These are higher than the September forecast of 4.1% and 3.5% for 2021 and 2022, respectively.

Inflation in November eased to a four-month low of 4.2%, but remained higher than the central bank’s 3.3%-4.1% forecast for the month.

The ADB’s projection is higher than the central bank’s 2-4% target for the year.

THREAT FROM OMICRON
The ADB reduced its growth forecast for developing Asia to 7% (from 7.1%) this year and to 5.3% (from 5.4%) in 2022, amid uncertainty brought by the emergence of the Omicron variant.

“The main risk to the outlook remains a resurgence in COVID-19 cases. Recent developments in Europe show that extensive virus outbreaks can occur even in highly vaccinated countries and force governments to retighten mobility restrictions. The emergence of the highly mutated Omicron variant brings additional uncertainty,” the ADB said.

“As it appears to be significantly more transmissible than earlier variants, its economic impact could be substantial.”

In developing Asia, the bank noted new COVID-19 cases daily averaged 50,000 as of Nov. 30, 71% lower than the peak in August. Globally, new cases are on the rise, fueled by the new wave of infections in Europe.

For Southeast Asia, the ADB trimmed its outlook to 3% from 3.1% this year, but hiked its projection for next year to 5.1% from 5%.

“Subregional growth slowed modestly in Q3 2021 as mobility restrictions tightened in the quarter to curb the spread of the highly transmissible Delta coronavirus variant,” it said.

Moody’s Analytics said the global outlook is now “less exuberant” as the Omicron variant increases uncertainty in the near term, although the recovery momentum was unlikely to be derailed.

“The Omicron variant has driven (business) sentiment lower, as have supply-chain disruptions eating into inventories and hurting capacity to meet increased demand. While the economic recovery has yielded improved sales and employment intentions, caution has increased,” Moody’s Analytics Senior APAC Economist Katina Ell said in an analysis.

“Expectations into next year are mixed as uncertainty remains high.” — Jenina P. Ibañez

ADB hikes Philippines’ growth forecast at 5.1% in 2021, 6.0% in 2022



Source link

Previous Post

Gilberto “Zurdo” Ramirez Looking to Improve to 43-0 Saturday! ⋆ Boxing News 24

Next Post

Gov’t expects lower domestic borrowings

Next Post
Gov’t expects lower domestic borrowings

Gov’t expects lower domestic borrowings

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Nearly 30 million under lockdown in China as virus surges

Nearly 30 million under lockdown in China as virus surges

4 months ago
Opening training with Fritz 18 (1)

Opening training with Fritz 18 (1)

3 months ago
“My favourite game by Bent Larsen”

“My favourite game by Bent Larsen”

2 months ago
BBM eyes ‘Jab to Jobs’ in Covid recovery program

BBM eyes ‘Jab to Jobs’ in Covid recovery program

5 months ago

FOLLOW US

BROWSE BY CATEGORIES

  • Boxing
  • Business
  • Chess
  • Culture
  • Lifestyle
  • National
  • NBA Basketball
  • News
  • Opinion
  • Politics
  • Sports
  • Travel
  • Uncategorized

BROWSE BY TOPICS

2018 League Balinese Culture Bali United Budget Travel Champions League Chopper Bike Doctor Terawan Istana Negara Market Stories National Exam Visit Bali

POPULAR NEWS

  • The Benefits of Running That Make You Healthier and Happier

    0 shares
    Share 0 Tweet 0
  • New: Elisabeth Pähtz – Attacking with the Jobava London System

    0 shares
    Share 0 Tweet 0
  • Leni Robredo More ‘Market-Friendly’ Than Bongbong Marcos

    0 shares
    Share 0 Tweet 0
  • Isko Moreno Denies Spending P300M For His Pre-Campaign Ads

    0 shares
    Share 0 Tweet 0
  • Introducing Chessable Classroom – Chessable Blog

    0 shares
    Share 0 Tweet 0

WIDGET

INFINTE NEWS

We bring you the best news, magazine, personal blog, etc.

Follow us on social media:

Categories

  • Boxing
  • Business
  • Chess
  • Culture
  • Lifestyle
  • National
  • NBA Basketball
  • News
  • Opinion
  • Politics
  • Sports
  • Travel
  • Uncategorized

Page

  • Home
  • Privacy Policy
  • Terms & Conditions

Recent News

Kasparov on Nepomniachtchi, Firouzja and Carlsen’s boredom

Kasparov on Nepomniachtchi, Firouzja and Carlsen’s boredom

July 2, 2022
Cancer and their strategy | ChessBase

Cancer and their strategy | ChessBase

July 2, 2022
  • About
  • Advertise
  • Careers

© 2021 INFINITE NEWS.

No Result
View All Result
  • Home
  • Politics
  • News
  • Business
  • Culture
  • National
  • Sports
  • Lifestyle
  • Travel
  • Opinion

© 2021 INFINITE NEWS.