Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said on November 5 that the normalization growth of the Philippine economy may be expected by 2022.
During a virtual briefing, Governor Diokno said that “We expect the economy to bounce back by maybe between 6.5-7.5% (in 2021) but that means we have not fully recovered. Full recovery will take place in 2022.”
Taking into account the pandemic for this year, economic managers forecast a 5.5% contraction for the domestic economy, as measured by gross domestic product (GDP).
Pre-pandemic, the domestic economy posted growth of over 6%.
Based on the announcement of the inter-agency Development Budget Coordination Committee (DBCC) last December 2019, the GDP was projected to accelerate at 6.5 to 7.5% from 2020-2022.
In a meeting held back in May 12, these figures have been revised to -3.4 to -2% for 2020, 7.1 to 8.1% for 2021, and 7 to 8% for 2022.
However the figures were updated in a meeting last May 27. Economic managers changed the 2021 and 2022 growth projections from 8 to 9% to 6 to 7%.
Forecast projections were again made on July 28, with the 2020 growth projection now looking somewhere between 4.5 to 6.6%, and the 2021 to 2022 figures between 6.5 to 7.5%.
