News » PH economy to return to pre-pandemic levels by 2022, says DTI

PH economy to return to pre-pandemic levels by 2022, says DTI

The Philippine economy is forecasted to go back to its pre-pandemic levels by 2022, according to the latest statement of Department of Trade and Industry (DTI) Secretary Ramon Lopez.

During a virtual event, Lopez said that the 11.8% economic growth in 2021’s second quarter will help give the country the momentum that it needs for the rest of the year.

“Prospects for 2021 are encouraging and will allow us to recover to pre-pandemic levels in 2022. This will prevent long-term scarring and productivity losses,” Lopez stated.

Further, the trade secretary shared that he is relying on the Information Technology-Business Process Management (IT-BPM) and export sectors to steer the country’s economy towards recovery.

Just last year, employment in the IT-BPM industry grew by 1.8% to US$1.32 million and its revenues increased by 1.4% to US$26.7 billion.

Meanwhile, the electronics sector accounts for the bulk of outbound shipments, driving the export industry in the Philippines. 

Read more here.

Start your
journey today

  • Independent
  • Free
  • Transparent

About OA

Outsource Accelerator is the trusted source of independent information, advisory and expert implementation of Business Process Outsourcing (BPO)

The #1 outsourcing authority

Outsource Accelerator offers the world’s leading aggregator marketplace for outsourcing. It specifically provides the conduit between Philippines outsourcing suppliers and the businesses – clients – across the globe.

The Outsource Accelerator website has over 5,000 articles, 350+ podcast episodes, and a comprehensive directory with 900+ BPO companies… all designed to make it easier for clients to learn about – and engage with – outsourcing.

About Derek Gallimore

Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.