Philippine economy

By The Numbers: Clawing out of recession

By The Numbers: Clawing out of recession
Philippine GDP growth is expected to return to positive territory in 2021, but this is no cause for celebration just yet

Bookmark this page and watch the discussion on Wednesday afternoon, January 27

The Philippine economy took a beating in 2020 due to the coronavirus pandemic, and it is likely to limp for a few more years.

With millions of jobs wiped out – a bulk of which may never return – business closures here and there, and ballooning government debt, are there any silver linings?

In this episode of By The Numbers, Rappler business reporters Ralf Rivas and Aika Rey talk to Nicholas Mapa, ING Bank Manila senior economist, who says the economy is likely to return to pre-pandemic levels by the latter part of 2022.

While we are likely to see growth of around 6% to 7% in 2021, this is mainly due to base effects or the fact that the economy contracted sharper than expected in 2020. (READ: PH sees economy roaring in 2021 after harder-than-expected drop in 2020)

Massive spending and support for industries, along with aggressive containment of the virus, are necessary to save jobs and lives. –