• 3,000 firms
  • Independent
  • Trusted
Save up to 70% on staff

News » PH economy ‘unlikely’ to recover in 2021, ‘perhaps in Q2 2022’ – former chief economist

PH economy ‘unlikely’ to recover in 2021, ‘perhaps in Q2 2022’ – former chief economist

PH economy ‘unlikely’ to recover in 2021, ‘perhaps in Q2 2022’ – former chief economist

Former Socioeconomic Planning Secretary Ernesto M. Pernia said the country’s economy is unlikely to return to its pre-coronavirus level in 2021, contrary to the national government’s expectations.

Pernia noted that this is due to the chronic underspending on health and the Duterte administration’s anemic fiscal response to the coronavirus-induced crisis.

Further, Pernia stated that the recession will be worse than expected this year, and that the Gross Domestic Product (GDP) target of minus 4.5 per cent to minus 6.6 per cent in 2020 is “unlikely to be achieved now.”

Pernia projects that the country’s economy will begin to recover to its pre-coronavirus level “in the second half of 2022.”

Read more here. 

Start your virtual
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, 450+ podcast episodes, and a comprehensive directory with 4000+ 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.