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The Philippines Is Expected to See Strong Growth in 2021, According to Moody's Analytics

Still, everything is uncertain.
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Moody's Analytics, a financial services company that provides "intelligence and analytical tools to help business leaders make better, faster decisions" says the Philippines may be Asia's second-fastest-growing economy next year.

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Still, as the country continues to rack up COVID-19 infections, Moody's Analytics says everything is pretty much uncertain. That, as well as the need for further governmental fiscal support, will largely affect economic activity.

"These forecasts are perhaps the most uncertain, since neither country has clearly shown that it has effectively controlled the virus, nor has either committed fiscal resources toward recovery to the degree seen elsewhere in the region," the report said.

Moody's Analytics chief APAC economist Steven Cochrane says to win back foreign investors, the country will need to manage the local outbreak. He adds that policymakers' "ability to react quickly and effectively to unforeseen events such as COVID-19" will greatly appeal to investors.

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With this, fiscal support comes into the conversation once again. "The greatest need for further fiscal support is in India, Indonesia, and the Philippines," the report added.

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Paolo Chua
Paolo Chua is the Associate Style Editor of Esquire Philippines.
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