Forecast to grow at 4.7 percent this year before accelerating to 5.9 percent in 2022 and 6.0 percent in 2023, the Philippine economic outlook has been revised a few times as the pandemic-induced recession battered the country starting middle of January this year.
With the expected shipment of more vaccines, economists are confident the vaccine rollout will start taking up speed. The Bangko Sentral ng Pilipinas (BSP) is counting on a speedy vaccine rollout across the country.
MANILA — The BSP is optimistic accelerated recovery is within the country’s grasps, underscoring a faster rollout of the coronavirus vaccines as crucial in recovering from the economic downturn.
“I think the key really is the pace of vaccination. The sooner we complete the 50 million, the better for the economy because it will give confidence to the consumers, in turn it will increase economic activity and the business sector will invest more,” says BSP Governor Benjamin Diokno said in an interview.
The BSP chief points out boosting consumer spending is also crucial. “Its really consumer confidence at this time. That is the name of the game,” he says. (LO/The MiNT)