Sustaining economic recovery is new challenge

After five consecutive quarters of contraction that began in the first quarter of 2020, the Philippine economy posted a hefty positive growth of 11.8 percent on-year — signaling the onset of a recovery from the debilitating effects of a global pandemic.

The Secretary of Economic Planning noted that this was the outcome of the government’s management of the national health emergency that restored the economy’s ability to generate jobs and incomes. He also cautioned that the momentum of the recovery might be slowed — even stalled — by the enforcement of enhanced community quarantine in the National Capital Region that accounts for a third of the economy.

Recall that last year, the economy plunged into deep recession: -0.7 percent contraction in the first quarter; a massive dip of 16.9 percent in the second quarter; further declines of 11.40 percent and 8.30 percent, respectively, during the third and fourth quarters of 2020; and -4.2 percent in the first quarter of 2021.