Published by: Aira Lindsay L. Dela Cruz
Date published: April 7, 2022
Time published: 1:05 PM
Since the start of the pandemic, the economic rate of the Philippines has deteriorated severely as a direct effect of the potential risk that the virus could bring.
2 years after the strike of the pandemic, how is our economic rating?
In 2020, the GDP of the Philippines decreased by a staggering 9.6% due to restrictions and guidelines in order to secure the lives of many Filipinos. Some findings show that the economic rate did not deplete completely because of the pandemic but because of how the country acted against the virus.
The Philippines has made global headlines for having implemented one of the world’s longest lockdowns during the pandemic but has not flattened the curve given the amount of time occupied. Compared to other countries with shorter lockdown periods, they have flattened the curve and are capable of going back to their usual face to face actions which has led to the increase of their economic rate.
After the mentioned crisis, 2022 would most likely be the year where the Philippines can be back on track with the rising domestic investment and consumption. After slowly lifting pandemic restrictions, the people have more freedom in manufacturing and construction causing a possible increase by 6% and 6.3% in 2022 and 2023 respectively.
SOURCE:
GMA NEWS
BROOKINGS
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