The Philippine economy is projected to revert to its pre-pandemic level expansion by next year, according to Standard Chartered Bank economist for Asia Chidu Narayanan.
Narayanan forecasts the country’s domestic growth to recover to about 6.1 per cent this year from a projected -8.9 percent output last year. Gross Domestic Product (GDP) for 2022 is expected “to be about 6.5 per cent.”
“For investments to come back and for employment to come back, we’ll need infrastructure investment to pick up quite a bit of the slack in 2019 and 2020. These two are the fairly important prerequisites for consumption to come back as well,” Narayanan noted.