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MANILA – Philippine economic managers lowered their forecast for the economy again this year following the release of official unemployment figures, and after the country’s gross domestic product contracted at a worse-than-expected rate in the third quarter. .
The Cabinet-level Development Budget Coordination Committee said it now expects GDP to contract between 8.5 and 9.5 percent this year, which is less than the 5.5 percent contraction it forecast. previously.
The DBCC said this was due to the prolonged imposition of community quarantines in various regions of the country.
“Despite a lower projection than the one initially adopted in July 2020, further relaxation of restrictions, as we have improved the capacity of our healthcare system, will keep our economy on the right path towards full recovery. “said the DBCC.
“Therefore, GDP growth is projected to recover to 6.5% to 7.5% in 2021 and 8% to 10% in 2022,” he added.
The Philippine economy contracted 11.5 percent in the third quarter, marking the first time in 35 years that GDP contracted for three consecutive quarters.
GDP contracted 16.9 percent in the second quarter and 0.7 percent in the first quarter.
The economy contracted as the Philippines imposed one of the longest and strictest lockdowns in the world to control the spread of COVID-19.
Philippine economy, recession, GDP contraction, DBCC, Development Budget Coordination Committee, economic administrators
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