PH’s GDP expected to increase in Q3
The Philippine economy is forecasted to remain in expansion mode even though quarantine restrictions were implemented in the third quarter of 2021.
During his speech in the Manila Times virtual anniversary, National Economic and Development Authority (NEDA) Director-General Karl Kendrick Chua said that around 77% of the country’s economy remains in heightened quarantine but “people appear to have internalized the pandemic already”.
Chua added that due to last quarter’s “change in paradigm, mentality and approach that we are seeing” the economy is expected to continuously recover. Economic managers are also expecting the full-year GDP of the country to expand between 4-5%.
The NEDA chief added that the sustainability of domestic growth depends on the actions of the population as they adhere to health protocols.
The Philippine Statistics Authority (PSA) is scheduled to report the Q3 GDP on November 9.
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