Philippines raises 2021 growth forecast after strong Q3, faster vaccination
MANILA - Philippine economic managers have raised the country's growth forecast for 2021 after third-quarter economic expansion beat forecasts, and as the country hastens the rollout of its COVID-19 vaccination program.
"As we continuously relax restrictions and increase mobility, economic performance is expected to accelerate further in the last quarter of the year," the DBCC said. Socioeconomic Planning Secretary Karl Chua said that the economy has already averaged 4.9 percent growth by the third quarter, and the fourth quarter expansion is expected to be even faster.
"While the threat of new COVID-19 variants may persist in the short-term, we are now in a much stronger position to manage possible spikes in cases and safely reopen the economy to alert level 1 in January 2022. Our effective management of COVID-19 will solidify our recovery and sustain our growth beyond this pandemic,” Tolentino said.
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