Philippines witnesses better-than-expected economic recovery
The Philippine economy rebounded stronger than expected in 2021 after a relaxation of COVID-19 restriction fueled consumer spending and attracted more people back to work.
A street in Manila, the Philippines - Illustrative image (Photo: Xinhua/VNA)
The Southeast Asian country’s economy is expected to regain its pre-pandemic growth in 2022.
The Philippine statistics agency said the country’s GDP expanded 5.6 percent in 2021 following a 9.6 percent slump in 2020 due to the pandemic.
This surprising result was driven by an increase in consumer spending and construction in the second half of 2021 as restrictions eased and the number of COVID-19 infections fell.
Speaking at a virtual press conference, Socioeconomic Planning Secretary of the Philippines Karl Chua said the door to the country's economic recovery is now fully open.
He added that a change in the Philippine government's response to COVID-19 from widespread lockdowns to more granular measures, including increased vaccination and treatment capacity, had created favourable conditions for stronger economic activity.
The country’s efforts to safely reopen the economy allowed more Filipinos to work and earn their income, he said./.
VNA
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