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ADB downgrades forecast for Philippine economy in 2021 By TED CORDERO, GMA News Published April 28, 2021 11:45am Manila-based multilateral lender Asian Development Bank (ADB) downgraded its economic growth forecast for the Philippines in 2021 amid the lingering uncertainties on how the COVID-19 pandemic will unfold both domestically and globally. On Tuesday, the ADB released its flagship economic publication, Asian Development Outlook 2021, wherein it projects the Philippine economy to grow by 4.5% this year a downgrade from its earlier projection of 6.5% in its Asian Development Outlook update released in December 2020. The revised growth forecast falls below the Duterte economic managers’ outlook of 6.5% to 7.5% for 2021. Socioeconomic Planning Secretary Karl Kendrick Chua has admitted that economic growth this year may be weaker than the government’s estimates due to the continued imposition of community quarantines as new COVID-19 cases continue to rise.

San carlosNegros occidentalCamarines norteCavite cityMetro manilaPhilippines generalBenjamin dioknoBangko sentralKarl kendrick chuaSupreme courtAsian development outlookDevelopment budget coordination committeeAsian development bankPlanning secretary karl kendrick chuaGovernor benjamin dioknoMetro manila cavite