Dutch banking giant ING has slashed its 2021 economic growth forecast for the Philippines to 4.7 percent amid prolonged COVID-19 quarantine and a slow vaccine rollout. In a June 10 report, ING Asia-Pacific research head Robert Carnell said they cut their gross domestic growth (GDP) growth forecasts for India, Japan, the Philippines, Taiwan and Thailand due to extended movement restrictions which “do most of the damage to economies.” ING’s outlooks for Malaysia and Singapore were also “under review for downgrade.”
In the case of the Philippines, ING’s latest projection was lower than its previous 5-percent growth forecast. It was also below the government’s downgraded target range of 6-7 percent.
ING noted that while restrictions in Metro Manila had been eased to general community quarantine (GCQ), 14 provinces moved…
