PH GDP seen to grow 3 percent in 2021, 'best case' at 4 percent


Posted at Jan 28 2021 01:17 PM

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MANILA - An economist is forecasting a 3-percent growth in the country's gross domestic product (GDP) this year, and a best-case scenario at 4 percent with a smooth COVID-19 vaccine rollout and increased government spending on infrastructure and agriculture.

Alvin Ang, director of Ateneo Center for Economic Research and Development, told ANC's Market Edge on Thursday that the Philippines will recover faster if the government focuses its efforts on infrastructure and agriculture spending as it brings inclusive growth for Filipinos.

He noted growth in services and manufacturing sectors will be hampered by quarantine restrictions and sluggish world trade that will impact export incomes.

The government is targeting a 6.5 to 7.5 percent GDP growth for 2021, and 8 to 10 percent in 2022.