BSP sees 5-6% GDP growth for 2021, return to pre-pandemic levels by Q3 2022

The Bangko Sentral ng Pilipinas (BSP) governor, Benjamin Diokno, stated that a 5 to 6 percent GDP growth for 2021 is attainable, with third-quarter growth already at 7.1 percent and second-quarter growth revised to 12 percent.

Diokno expressed optimism about the GDP prospects, projecting that the country's real output could return to pre-pandemic levels by the third quarter of 2022, or possibly sooner.

The BSP maintained an accommodative policy stance to support economic momentum.

Diokno views the 7 to 9 percent GDP outlook for 2022 and 6 to 7 percent for 2023 as achievable due to accelerated vaccination efforts and declining COVID-19 cases.

The BSP revised its inflation forecast for 2021 downwards to 4.3 percent, aligning with the new article's mention of inflation settling at 4.3 percent for the year, though still above the target range.

Inflation forecasts for 2022 and 2023 remain unchanged at 3.3 percent and 3.2 percent, respectively.