The economy of the Philippines after Covid will be different: Diokno
Following the pandemic, the Philippines’ economy is expected to shift, with Governor Benjamin Diokno of the Bangko Sentral ng Pilipinas (BSP) forecasting the economy to recover its former strength in the fourth quarter of 2022.
“On a broad scale, we’ll be back in the fourth quarter of 2022 or the first quarter of 2023,” he says. In terms of the whole. But the form and content of that economy will be different from what it was before Covid,” he said in a virtual conference with media on September 9, 2021.
The domestic economy was able to expand in the second quarter of 2021, after five consecutive quarters of decline, with a growth rate of 11.8 percent as measured by gross domestic product (GDP).
Authorities are confident that the economy would rebound this year, with a goal range of 4 to 5%.
Despite the difficulties posed by the virus-induced pandemic, Diokno has said that the economy is showing indications of recovery.
While the economy seems to be recovering from the pandemic’s effects, he stated on Thursday that “it does not imply that it will be the same economy, that the pre-Covid economy will be different from the post-Covid one.”
“So, inevitably, some sectors or companies will not be able to recover or will take many years to recover, but other industries will emerge,” he said.