PH economy faces slow start in 2021

The Philippine economy faced a 'slow start' in 2021 due to continued community quarantines.

Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said the GDP is expected to remain negative in Q1 but improve starting from Q2.

In 2020, the Philippines experienced its worst economic performance since World War II with a -9.5% GDP decline.

The prolonged impact of the pandemic led to strict quarantine restrictions that began mid-March 2020 and lasted for months, causing significant income loss.

NEDA chief Chua noted that neighboring countries' recoveries positively impacted Philippine exports, while Malacañang expressed optimism about economic recovery with further business reopenings.