The government is bullish about the country attaining positive economic growth in 2021 following the latest signs of improvement.
Presidential spokesman Harry Roque noted that the economy slightly improved after the gross domestic product shrank by 8.3 percent in the fourth quarter of 2020, compared to the 11.4 percent contraction in the previous quarter.
(OPS / FILE PHOTO / MANILA BULLETIN)
The country's full year GDP plunged 9.5 percent in 2020 amid the impact of the coronavirus pandemic. The domestic economy is reeling from quarantine lockdowns that crippled businesses and left millions out of work.
"We were the darling economy of Southeast Asia if not Asia kaya nga gaya ng buong daigdig, sumadsad dahil sa COVID pero mabuting balita bagamat nasa negative territory, nag-improve ang ating ekonomiya from 16.9 at height of our lockdown, naging 11.3, at ngayon last quarter ay -8.3 percent, an improvement of about five percent clearly (We were the darling economy fo Southeast Asia, if not Asia. Like the rest of the world, it took a hit due to COVID but the good news is although it is in the negative territory, our economy improved from 16.9 at the height of our lockdown to 11.3 percent and now negative 8.3 percent in the last year, an improvement of about 5 percent clearly)," he said during a televised press briefing.
"So nagagalak tayo na kahit papaano dahil sa pagbubukas ng ekonomiya ay unti-unting nag-i-improve ang ating ekonomiya (So we are flag that at least due to the reopening of the economy, our economy is gradually improving)," he added.
Roque has echoed the optimism of the economic managers about the country's recovery this year. He said they project the economic growth to reach 6.5 to 7.5 percent in 2021 and 8 to 10 percent in 2022 if the reopening of the economy will be sustained subject to observance of health measures.
"Inaasahan natin next year kung patuloy ang pagbubukas ng ating ekonomiya, ang estimate ng ating economic planners ay magiging positive tayo (We expect that by next year, if the opening of the economy will continue, our economic planers estimated positive growth)," he said.
"Baka tayo makabalik sa ating consistent 6 percent per annum growth bago tayo putaktihin ng COVID-19. Ang inaasahan natin pagdating natin next year ay nasa 6 percent ang ating possible growth ng 2021 at posibleng mas mataas pa pagdating ng 2022 (We may return to our consistent 6 percent per annum growth before we were hit by COVID-19. We expect that we will reach 6 percent possible growth in 2021 and possibly higher in 2022)," he said.
Roque appealed anew to the public to continue to observe health protocols, such as wearing of masks and safe distancing from others, to curb the spread of the coronavirus.