Sunday, 17 October 2021 06:06 GMT

Philippine economy to expand by 4.5 pct this year

(MENAFN) On Wednesday, Sep. 22 the Asian Development Bank (ADB) stated that Philippines’ economy is rebounding but continues to by "fragile" due to periodically stricter coronvairus mobility restrictions, mainly in Metro Manila.

An update to the Asian Development Outlook (ADO), the ADB's extensively followed economic publication, kept the expansion estimates for the country at 4.5 percent this year and 5.5 percent in next year, as rebounding local demand and boosting global trade adapt to the ADO's estimates declared during April.

The country’s economic expansion this year and next year will be backed by sustained expansion in public infrastructure expenditure, boosting consumer confidence, and advancement in the nationwide coronavirus immunization drive, noted the report.

The major hazard to the estimate is the spread of newer, infectious coronavirus strains, which may cause the return of firmer control measures and may stall economic performance.

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