Expert Eyes 2022 For Pre-Pandemic GDP Growth

The Gross Domestic Product (GDP) in the Philippines still needs more time to reach its pre-pandemic level. According to an expert, 2022 is the nearest timeline for the country to reach its Prepandemic level and for the general economy to pick up the pace.

World Bank Senior Economist for East Asia and the Pacific Ergys Islamaj revealed that it will be longer for the Philippines to recover because the virus has not yet been fully contained.

“The Philippines has not been able to control the disease and has gone on a cycle of repitetive lockdowns and reopenings,” Islamaj said.

Ismalaj added that despite the Philippines having the advantage of a young population, it would take longer for it to recover since it has a large informal sector, and mainly service-oriented industries.

The country is also exposed to the global tourism, trade and remittances, currently facing an uneven economic recovery.

The World Bank revealed that they had projected the country’s GDP to shrink by 6.9% in 2020, this is the worst drop in 35 years. As for the optimistic government, they are targeting a P20.6 trillion GDP growth for 2021. (MLC)