Potential output growth in East Asia and Pacific (EAP), which includes the Philippines, is projected to slow to 4.6 percent a year on average from 2022 to 2030, from 6.2 percent a year in 2011 to 2021, according to a World Bank report.
POTENTIAL output growth in East Asia and Pacific , which includes the Philippines, is projected to slow to 4.6 percent a year on average from 2022 to 2030, from 6.2 percent a year in 2011 to 2021, according to a World Bank report.
These developments which the report described as “negative,” are “exacerbating” the ongoing structural trends. The report noted that these tensions are “depressing” regional investment and potential growth. This projected slowdown in the region, the report noted, can be pointed to the pandemic and the war in Ukraine, which “are expected to be the most severe and longest lasting in the countries that have suffered most from the collapse of global tourism and trade.”
In contrast, in the Philippines, “investment is expected to pick up from depressed levels and boost potential output growth,” the report said. In addition, it said geopolitical tensions may also “weaken gains from increasing international division of labor and diffusion of technology.” “With a large share of the EAP workforce still engaged in agriculture, there is still scope for substantial productivity gains from resource reallocation, particularly in Cambodia, Indonesia, the Philippines, Timor-Leste, Thailand, and Vietnam,” the report noted.
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