While Bangko Sentral ng Pilipinas (BSP) is expecting the Philippine economy to bounce back from 6.5 to 7.5 per cent as measured by gross domestic product (GDP) in 2021, BSP Governor Benjamin Diokno said that the country’s economy’s recovery will take place in 2022.
Diokno added that 2020’s Q3 growth is expected to be better than the -16.5 per cent of Q2.
Economic managers forecast a 5.5-per cent contraction for the domestic economy, as measured by gross domestic product (GDP), for this year on account of the pandemic. However, in a meeting last May 27, economic managers changed the 2021 and 2022 growth projections to 8 to 9 per cent and 6 to 7 percent, respectively.
Revisions were again made last July 28, with the 2020 growth projection now between 4.5 to 6.6 per cent, and the 2021 to 2022 figures between 6.5 to 7.5 per cent.