By: Charyse Vine
Metro Manila, including nearby provinces such as Cavite, Batangas, and Laguna, is in a strict lockdown. With enhanced community quarantine in the country’s main economic hub, economic recovery will be slower, as emphasized by Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp.
It is cited by Capital Economist that elevating levels of unemployment around 10 percent. “Itong another extension of one week…Bilyon-bilyon ang cost sa economy ito at sa gobyerno especially (Another extension of one week…this will cost billions to the economy and especially to the government),” Sergio R. Ortiz-Luis, Jr. said.
Capital Economist said, “Altogether we think the economy will contract by eight percent this year, with gross domestic product (GDP) unlikely to return to its pre-crisis level until mid-2021”
“A long and strict lockdown meant the Philippines suffered one of the biggest falls in GDP in the region in the second quarter. The most recent data suggest that it is also experiencing one of the slowest recoveries.”
https://www.weforum.org/agenda/2020/07/economic-recovery-after-covid-19-the-impact-on-labor-and-financial-markets/
https://www.google.com.ph/amp/s/business.inquirer.net/318321/ph-economic-recovery-seen-slowing-without-easing-of-covid-19-quarantine-crawling-vaccination-program/amp
https://www.adb.org/news/philippine-economy-decline-further-2020-amid-covid-19-recovery-2021
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