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Philippines’ c.bank governor says GDP could grow 6-7% in 2021

Posted Wednesday, April 21, 2021 by
Sophia Cruz • 1 min read

The Philippines’ capital and nearby provinces went through a two-week lockdown this April due to the record-high number of new COVID-19 cases and issues with a severe shortage of vaccine. Central bank Governor Diokno stated last Wednesday that this will cause a weaker economic growth of 6% to 7%.

The 2021 target was set from 6.5% to 7.5%. As per chief economist Cochrane, GDP growth was expected to increase by 6.3% in 2021, which will fall short of the target. GDP fell by a record of 9.6% last year because of the long and strict quarantine due to the COVID-19 pandemic. For the reason that the country struggled to contain the virus and could not bring the count of cases down significantly. At the moment, encountering another surge in the numbers once more, which can lead to more uncertainties in the outlook of the economic recovery.

The Philippines’ relatively high inflation is not helping and is at greater risk of underperforming. Analytics projected inflation to climb to 6.2% this year.

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