Palace sees Philippine economy to be better in 2021 after World Bank's negative projection this year
Malacanang expressed optimism on Tuesday that the economy will improve next year after the World Bank lowered its 2020 growth forecast to minus 8.1 percent from minus 6.9 percent in October.
In a televised press briefing, Presidential Spokesperson Harry Roque said the Palace is saddened that with the contraction of gross domestic product, more Filipinos will suffer.
He said the coronavirus pandemic and the calamities that hit the country have dampened the economy.
"That's why we will recover, we will do better in 2021," Roque said.
He also reminded the people to continue to follow the minimum health standards to prevent the spread of COVID-19.
The World Bank's Philippine Economic Update released on Tuesday showed that the county's GDP will likely contract by 8.1 percent this year, temporarily reversing gains made in poverty reduction in recent years.
This is a revision from the -6.9 percent World Bank forecast in October, resulting from the deep contraction in the third quarter and the extensive damage and losses suffered by the country from the typhoons and floods in November.
The government's inter-agency Development Budget Coordination Committee recently adjusted downward the Philippine GDP assumption for this year to -8.5 to -9.5 percent from earlier range of -4.5 percent to -6.6 percent set last July. Celerina Monte/DMS
