What do 5 straight quarters of economic decline mean in real terms?
The Philippine economy contracted by 4.2 percent in the first quarter of 2021 as the country continued to struggle to bring the COVID-19 outbreak under control. This figure was worse than the -3.2 median forecast in a poll of economists by Bloomberg, and the -3 percent median forecast in another poll by Reuters.
Based on available data as of May 11, the Philippines was the worst-performing economy among major ASEAN nations. Services contracted for a fourth straight quarter. Industry contracted for a fifth straight quarter. He added that the looser modified enhanced community quarantine was imposed last August when the country hit a high of 4,000 cases per day. When this number further went down to 2,000 cases per day, restrictions were further eased to general community quarantine.
Chua however noted that ultimately the COVID-19 pandemic is a health crisis, and must be addressed as so. He said improvements have been made, such as the increase of intensive care unit bed capacity in hospitals.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Researchers' case fatality rate data in ASEAN juxtaposed with recovery rate posted by state-run news agencyIn terms of percentage, the Philippines ranked third in the COVID-19 case fatality rate in Southeast Asia, according to a May 7 data from Our World In
Read more »
Some Metro Manila mayors favor shift to GCQ on May 15At least three mayors in Metro Manila are in favor of shifting to a more relaxed general community quarantine starting May 15.
Read more »
PH economy stays in recession in 2021 with 4.2% Q1 contractionNEDA Secretary Karl Chua pins his hopes on efforts to safely reopen the economy gradually, implement the government's recovery package and accelerate the national vaccine drive to still help meet the economic team's 6.5-7.5% growth target band for 2021.
Read more »