Philippines' Strong Economic Recovery Seen in 2022-2023 as Election Polls near | Economic Report 🇵🇭

Philippine Economy: A special report

Analysts predict the Philippine economy will grow 4.9% this year, and 6.5% in both 2022 and 2023, according to a Bloomberg survey released 17 August 2021.

The Philippine government cut its economic growth outlook for this year as lockdowns to counter high numbers of coronavirus infections weigh on the recovery. 
Gross domestic product is now tipped to grow 4%-5% this year, compared with a previous estimate of 6%-7%, according to the Development Budget Coordination Committee, which sets the government’s economic assumptions for budget purposes. The outlook for next year was kept at 7%-9%, the committee said.

Lingering lockdowns to quell persistently high infections pushed the economy back into contraction in the second quarter from the previous three months. With the delta variant spreading across Southeast Asia, governments from Malaysia to Thailand are slashing their economic growth estimates. 

“Our strategy is to continue managing the risks carefully by imposing granular quarantines, while allowing a vast number of people to earn a living,” the committee said in a statement. 

Enough people in densely populated areas can be vaccinated by the end of the year to reduce the need for wide-scale quarantines, the committee said. The Philippines earlier set a goal of inoculating all adults, or 70% of the population, this year.

Source: Bloomberg
Website: https://www.bloomberg.com

An economist is projecting the economy to return to pre-pandemic growth levels by 2022 due partly to the impact of the May 2022 national polls.

 In a report Tuesday, Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said inflation and interest rates are also expected to be back to pre-pandemic levels next year.

Ricafort said he expects government spending, especially on infrastructure, to increase a few months before the national polls so as not to violate the election spending ban.

 He said some incumbent officials rush to complete various government projects before the election ban.

 “Consumer spending could increase during the campaign period shortly before the May 2022 presidential elections as candidates accelerate spending (especially starting February 2022),” he added.

Source: Philippine News Agency
Website: https://www.pna.gov.ph

GDP Growth Rate: Philippines (% per year)
2019 (6.1%)
2020 (-9.6%)
2021 forecast (4.5%)
2022 forecast (5.5%)
Source: Asian Development Bank (ADB)

GDP Growth Rate Forecast 2021: South East Asia
Vietnam (6.7%)
Malaysia (6.0%)
Singapore (6.0%)
Indonesia (4.5%)
Philippines (4.5%)
Thailand (3.0%)
Source: Asian Development Bank (ADB)

For more updates, please don't forget to subscribe to my channel.

#PhilippineEconomy
#PhilippineGDPforecast
 

Видео Philippines' Strong Economic Recovery Seen in 2022-2023 as Election Polls near | Economic Report 🇵🇭 канала City Explorer Plus