However, recovery appears slow, uncertain, and weakly inclusive,” Balisacan explained.Įfforts to push for inclusive growth are imperative given that quarantine measures put in place to prevent the further spread of Covid-19 have caused more Filipinos to experience hunger and pushed them back into poverty.īalisacan said data from the Social Weather Stations (SWS) showed both moderate and severe hunger increased in 2020 from December 2019. the economy is now showing signs of turning around this year as vaccinations get under way. “The Covid-19 pandemic plunged the Philippine economy in 2020 into its most severe recession in recent decades, putting almost 5 million workers out of work at its height, eroding at least three years of recent gains in poverty reduction and inflicting scars that threaten the economy’s potential for inclusive growth.
This will allow the economy to get back on track to a high growth path. Balisacan shared this guarded optimism and said the country’s recovery appeared “slow, uncertain, and weakly inclusive.”īalisacan said more needs to be done such as strengthening the public health system, as well as efforts that promote faster and a more inclusive recovery. In another forum on Wednesday, former Socioeconomic Planning Secretary Arsenio M. However, Abola said the peso-dollar rate could average P49 to P50 to the greenback this year.įurther, Abola said concerns about the Ease of Doing Business remain as investors still encounter issues in conducting their business in the country. Other challenges include the strong peso. CaveatsĪS for the caveats, Abola said, these include the ongoing pandemic and the rollout of the vaccination program as well as challenged supply chains owing to global trade disruptions. The Philippines is an economy bouncing back,” Abola said. “I think there is cause to be more optimistic but not exactly very, very optimistic. In his presentation, Abola said the strengths of the Philippine economy right now include ample fiscal and monetary space, robust overseas Filipino worker (OFW) remittances, and spreading optimism. “We more or less aligned with how the government views the situation right now.” They also lowered their growth projection,” Abola said. “This half percent is fairly minor which is more aligned to what the government is projecting.
0 kommentar(er)
