PH ranks last in UK think tank’s Asia Pacific economic scarring scorecard

The Philippines finished last in the UK think tank’s scorecard on economic scarring — or permanent losses to economic output — assessing the Asia Pacific region.

The Philippines shares this projection with second lowest placer India, who was assigned a score of -1.0. The South Asian giant has recently been pummeled by a devastating surge in coronavirus infections driven by the Delta variant. Economists have raised concerns about the Philippines’ fiscal response amid the coronavirus crisis, noting the government fell short in softening the economic downturn’s impact.“This has led us to lower our investment and employment forecasts significantly,” added Oxford Economics. “Indeed, investment in the Philippines was still 25% below pre-Covid 19 levels in Q1 2021 and the unemployment rate in Q2 was nearly double what it was before the pandemic.

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