Inquirer
GDP seen to start posting growth in Q2 as mass vaccination starts
The Philippine economy is expected to contract by 1.3% in the first quarter of 2021, a slower pace compared to previous quarters.
BPI Lead Economist Emilio S. Neri, Jr. anticipates a 2% contraction for the first quarter and projects a 6.8% economic growth for the full year.
FocusEconomics, citing 30 economic analysts, forecasts a double-digit GDP growth of 15.1% in the second quarter.
The full-year growth forecast aligns with the government's economic managers' projection of 6.5% to 7.5%.
This projected growth is contingent on a successful vaccine rollout, a substantial stimulus package, and increased mobility.
A complete economic recovery to pre-pandemic levels is anticipated in the latter half of 2022.
The Philippines began its COVID-19 vaccination program in early March 2021 with vaccines donated by China.
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Trade Secretary Ramon Lopez expressed optimism that the Philippine economy could see a positive growth rebound in the second or third quarter of 2021, following the country's worst post-war recession in 2020.
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Presidential Adviser for Entrepreneurship Joey Concepcion projects an economic rebound by the fourth quarter of 2021, contingent on the successful implementation of the COVID-19 vaccination program.
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