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MANILA – The Philippine economy likely expanded by 1.5 percent in the first three months of 2021, Moody’s Analytics said.
This projection is better than the domestic economy’s -8.3 percent output in the last quarter of last year.
In a report dated May 7 released Monday, Moody’s Analytics said “risks to recovery have not mitigated.”
“The volatile course of the pandemic continues, with the resurgence of Covid-19 (coronavirus disease 2019) cases in India and stronger waves in Japan and the Philippines, among others. High transmission risks from newer variants and slow vaccination rollouts, weakened by supply shortages or logistical snags, remain pertinent factors until countries aggressively move towards herd immunity,” it said.
Economic managers said 2021 is a recovery year for the Philippines, with the gross domestic program (GDP) target set between 6.5-7.5 percent.
They lean this growth target on optimism on the government’s Covid-19 vaccination program as well as on higher spending for infrastructure spending.
The Philippine Statistics Authority (PSA) is scheduled to release the first quarter 2021 GDP report on Tuesday. (PNA)
