World Bank country director for Brunei, Malaysia, the Philippines and Thailand Ndiame Diop told the briefing that the newest Omicron variant “added a layer of uncertainty, but we clearly see the recovery trend continuing in the last quarter of this year.”
“Reforms that open more sectors to foreign investments, streamline administrative procedures to facilitate market entry and encourage firms to adopt new technology are measures that can boost private sector growth, create more jobs, and strengthen recovery,” Diop added. Chua urged fast-tracking jabs in rural areas, where vaccination rates remained low, compared to Metro Manila’s already 92 percent at present. To achieve herd immunity, the government targets to inoculate 70 percent of the 110-million Philippine population by the first quarter of 2022.While the World Bank’s GDP growth forecast for 2022 also inched up to 5.9 percent from 5.8 percent previously, it was below the government’s 7 to 9 percent target.
Chua said these adverse effects slashed the Philippines’ potential long-term GDP growth from 2020 to 2029—estimated to average 6.1 percent prepandemic—to a lower 5.7 percent.
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