Palace on World Bank’s dire forecast for PH economy: We will do better in 2021

MANILA, Philippines — Malacañang on Tuesday assured that the Philippine economy would “do better” in 2021 after the World Bank projected that the country’s economy would shrink by 8.1% this year.

“Siyempre nalulungkot tayo diyan dahil ibig sabihin mas marami ang maghihirap sa pagbagal ng ating pag-unlad pero yan ay naging resulta ng pandemya at mga sigalot na sunud sunod na dumaan sa ating bansa,” Presidential spokesman Harry Roque said.

(This news saddens us because that means more Filipinos will suffer. But this is the result of the pandemic and other calamities that hit the country this year.)

“Kaya natin ‘to babangon tayo. We will do better in 2021,” he added.

(We can do this. We will rise above this. We will do better in 2021.)

He reminded the people to always observe health and safety protocols such as frequent handwashing, wearing of face masks and shields and social distancing to combat the pandemic further.

In its latest Philippine Economic Update, the World Bank said the Philippine economy would likely shrink by 8.1% this year due to multiple shocks that hit the country, such as the coronavirus pandemic, recent typhoons, and the global recession.

The World Bank’s latest economic projection for the Philippines is a revision from its -6.9% forecast last October. [ac]