World Bank lowers Philippine economic growth forecast for 2021
The World Bank has lowered its forecast on the Philippines' gross domestic product growth for 2021 to 4.7 percent from 5.5 percent in March, according to an updated report released by the bank on June 8.
A policeman (right) monitors people at the entrance to a neighbourhood under strict quarantine measures in Pasay City, suburban Manila (Photo: AFP)
Hanoi (VNA) - The World Bank has lowered its forecast on thePhilippines' gross domestic product growth for 2021 to 4.7 percentfrom 5.5 percent in March, according to an updated report released by the bankon June 8.
Under the impact of the COVID-19 pandemic, the PhilippineEconomic Update said the economy is forecast to grow at 4.7 percent this yearbefore accelerating to 5.9 percent in 2022 and 6.0 percent in 2023.
These forecasts reflect revisions to growthprojections due to the larger-than-expected economic contraction in the firstquarter, the reimposition of stricter quarantine measures in April and May inresponse to a surge in COVID-19 infections, and the lingering challenges fromhigh inflation and losses in household incomes, the report said.
It said the resurgence of COVID-19 cases andreimposition of more stringent quarantine measures held back the early signs ofan economic rebound.
Meanwhile, Ndiame Diop, World Bank Country Directorfor Brunei, Malaysia, the Philippines, and Thailand, said the global economicrebound, especially among the country's trading partners, will boost exportsand increase remittances, strengthening recovery in the Philippines.
Diop stressed the need to ramp up vaccination,improving overall pandemic response to control infection rates and boostconsumer and business confidence.
According to World Bank senior economist Kevin Chua, thePhilippines' growth prospects hinge on the country's ability to manage thepandemic./.
Defence Minister Sen. Lieut. Gen Phan Van Giang on June 2 hosted separately receptions for Ambassador of the Philippines to Vietnam Meynardo Los Banos Montealegre, and Singaporean Ambassador to Vietnam Jaya Ratnam.
The Philippines will launch a vaccination drive for around 35 million people working outside their homes, such as public transport staff, in a bid to curb COVID-19 transmission and gradually open up the economy.
In his article, Oscar Sanchez Serra highlighted President Ho Chi Minh’s founding of the Thanh Nien (Young People) newspaper on June 21, 1925, which marked the birth of Vietnam's revolutionary press rooted in a bold and far-sighted vision.
Several ASEAN meetings are scheduled to take place in Port Dickson this September, including the Senior Officials' Meeting (SOM) for ASEAN Plus Three (APT), the East Asia Summit (EAS), the 15th ASEAN Maritime Forum, and the 13th Expanded ASEAN Maritime Forum.
Thailand's Prime Minister Paetongtarn Shinawatra has ordered the urgent implementation of a national policy to crack down on all forms of call centre scams, online fraud, and illegal gambling, which are now considered threats to national security.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
A policeman (right) monitors people at the entrance to a neighbourhood under strict quarantine measures in Pasay City, suburban Manila (Photo: AFP) 
