The outlook should be underpinned by progress administering vaccinations, allowing for wider economic reopening, the World Bank said, even as it warned about the risks posed by a new wave of infections.
“The uncertainty around the pandemic still weighs heavily on market sentiment and investment decisions,” said World Bank Country Director for Brunei, Malaysia, Philippines and Thailand Ndiame Diop. The Philippines, which has recorded 2.84 million COVID-19 cases and 49,499 deaths in total, is among the countries worst hit by COVID-19 in Asia. But new cases have come off a peak, allowing for restrictions to be eased further.
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Looser curbs have allowed more businesses to reopen and people to go back to work, with the unemployment rate dipping to 7.4 per cent in October from 8.9 per cent in September, government data showed.
As of December 2, around 34 per cent of the Philippines 110 million people had been fully immunised.