DESPITE the disappointing second-quarter economic performance that saw GDP growth slowing to 4.3 percent, the full-year target “can still be met” if all sectors pull in weight and move quickly to recover lost ground, Sen. Imee Marcos and a private economist said Friday. The Philippines, according to John Paolo Rivera,…
DESPITE the disappointing second-quarter economic performance that saw GDP growth slowing to 4.3 percent, the full-year target “can still be met” if all sectors pull in weight and move quickly to recover lost ground, Sen. Imee Marcos and a private economist said Friday.
He traced that dismal second-quarter figure to the end of the “revenge spending” manifested a year after Covid-19 health protocols eased. All these factors, she stressed, “are important drivers of GDP growth,” and, therefore, the second-quarter data “must be seen as a challenge on what next steps should be taken so that the annual GDP target of 6-7 percent can still be met.”
“It is thus very clear that adaptation and mitigation measures have to be taken,” the senator stressed, noting that “support services that will increase agriculture output have to be in place.”Based on the PSA data, the Agriculture, Fishery, and Forestry posted a growth of 0.2 percent in the second quarter and contributed a mere 0.01 percentage points to GDP growth.
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