Conscious Investing Today
  • Top News
  • Business Insider
  • Economic Indicators
  • Investing Ideas
  • Politics News
  • Stock Analysis
  • Editor’s Pick
No Result
View All Result
  • Top News
  • Business Insider
  • Economic Indicators
  • Investing Ideas
  • Politics News
  • Stock Analysis
  • Editor’s Pick
No Result
View All Result
Conscious Investing Today
No Result
View All Result
Home Politics News

Philippines may miss growth target as COVID cases surge

by
April 14, 2021
in Politics News
0
Philippines may miss growth target as COVID cases surge
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT
By Michael Varcas, The Philippine Star

The Philippines may miss its target of at least 6.5% economic growth this year after a resurgence of COVID-19 infections forced the capital into a two-week lockdown, Economic Planning Secretary Karl Chua said.

“We were a healthy economy before COVID. Now, we’re struggling,” Chua said in an interview Tuesday. “We were too risk averse: We shut down a big part of the economy when other countries didn’t need to do that.”

The Philippines, which implemented one of the world’s longest and strictest lockdowns last year, suffered its worst-ever recession in 2020, prompting a push for a sustained reopening. First-quarter gross domestic product performance may be close to zero compared to a year earlier, but will be a lot better than the final three months of 2020, when the economy contracted 8.3%, Chua said.

Metro Manila and the adjacent provinces of Bulacan, Cavite, Laguna and Rizal — the engine of the nation’s economy — were placed back in lockdown for two weeks from late March as daily cases surged to a record. Data due next month should guide economic managers in reviewing their full-year targets, Chua said.

ADVERTISEMENT

The economy can still recover in coming months by reopening areas with fewer infections, accelerating government spending and speeding up vaccinations for front-line staff in sectors like transportation, tourism and manufacturing, Chua said.

“We will recover because we know the medicine and the dosage that will allow us to do so, and we will pursue that immediately,” the economic planning chief said. Movement restrictions this time are less stringent than the curbs imposed last year at the beginning of the pandemic, as public transport is now open and most employees can go to work, he said.

In December, economic managers projected that Philippine GDP would grow 6.5% to 7.5% this year, following last year’s record slump. Bangko Sentral ng Pilipinas Governor Benjamin Diokno, in a Bloomberg Television interview on April 8, said he estimates that the economy will grow 6%-7% this year.

The strict movement curbs in Manila and surrounding areas, which were eased starting April 12, could shave 0.8 percentage points off of full-year GDP and leave some 250,000 people jobless. A looser lockdown, where more businesses can open, is in place in the capital region and nearby provinces until the end of April. — Bloomberg

Related Posts

PSEi ends lower on profit taking, Wall Street’s drop
Politics News

PSEi ends lower on profit taking, Wall Street’s drop

June 29, 2022
PHL, US firms ink deal for weapons assembly in Bataan
Politics News

PHL, US firms ink deal for weapons assembly in Bataan

June 29, 2022
VP Robredo takes a bow with highest audit rating
Politics News

VP Robredo takes a bow with highest audit rating

June 29, 2022
Next Post
Level up your gaming experience with vivo Y20s [G]

Level up your gaming experience with vivo Y20s [G]

New Zealand to end livestock exports due to animal welfare concerns

New Zealand to end livestock exports due to animal welfare concerns

TikTok founder’s $60 billion fortune places him among world’s richest people

TikTok founder’s $60 billion fortune places him among world’s richest people

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Categories

  • Economic Indicators
  • Editor's Pick
  • Investing Ideas
  • Politics News
  • Stock Analysis

Popular News

  • A Minute With: Family Reunion cast on relatable story lines

    A Minute With: Family Reunion cast on relatable story lines

    0 shares
    Share 0 Tweet 0
  • Twitter launches ‘Milk Tea Alliance’ emoji as movement grows

    0 shares
    Share 0 Tweet 0
  • Gas and car bills to soar under green revolution

    0 shares
    Share 0 Tweet 0
  • Level up your gaming experience with vivo Y20s [G]

    0 shares
    Share 0 Tweet 0
  • Rehab, expansion of General Santos airport seen completed by Q2

    0 shares
    Share 0 Tweet 0
No Result
View All Result

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Highlights

5 Tips for Online Casino Promotions

What Is the Difference Between a Fire Door and a Normal Door?

How to save money when financing a car

4 tips for dining on your travels

Turkey lifts veto on Finland, Sweden joining NATO, clearing path for expansion

Ghislaine Maxwell sentenced to 20 years for ‘horrific’ sex trafficking

Trending

PSEi ends lower on profit taking, Wall Street’s drop
Politics News

PSEi ends lower on profit taking, Wall Street’s drop

by
June 29, 2022
0

Philippine shares ended lower on Wednesday due to profit taking and losses on Wall Street amid the...

PHL, US firms ink deal for weapons assembly in Bataan

PHL, US firms ink deal for weapons assembly in Bataan

June 29, 2022
VP Robredo takes a bow with highest audit rating

VP Robredo takes a bow with highest audit rating

June 29, 2022
5 Tips for Online Casino Promotions

5 Tips for Online Casino Promotions

June 29, 2022
What Is the Difference Between a Fire Door and a Normal Door?

What Is the Difference Between a Fire Door and a Normal Door?

June 29, 2022

Disclaimer: ConsciousInvestingToday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2021 ConsciousInvestingToday. All Rights Reserved.

No Result
View All Result
  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.