Virus missteps could turn Philippines back Into Asia s laggard bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.
Vehicles travel along the Epifanio de los Santos Avenue (EDSA) highway in Metro Manila, the Philippines, on Tuesday, May 11, 2021. The Philippines’ economy is struggling to gain momentum as elevated numbers of Covid-19 cases hamper reopening efforts and destroy jobs. - Bloomberg MANILA, May 15 (Reuters): The Philippine economy shrank by more than expected in the first quarter of 2021, supporting views that the central bank will keep interest rates at a record-low at a policy meeting this week.
Gross domestic product fell 4.2% in the March quarter from a year earlier, the statistics agency said earlier this week, marking the fifth straight quarter of declines amid pandemic-induced lockdowns.
Long struggle: Farmers work in a rice field south of Manila. The Philippines is expected to manage South-East Asia’s slowest recovery this year from the recession. ─ AFP
MANILA: The Philippines’ economy is struggling to gain momentum as elevated numbers of Covid cases hamper reopening efforts and destroy jobs.
Gross domestic product (GDP) fell 4.2% in the first quarter from a year ago, the statistics authority said, below all estimates in a Bloomberg survey of economists.
The Philippines is expected to manage South-East Asia’s slowest recovery this year from the pandemic-driven recession.
A return to stricter curbs in Manila and other key economic areas threatens the government’s goal – currently up for review – of at least 6.5% growth this year.
Government says economy on the mend Cbank seen keeping key rate steady on Wednesday (Adds comments of economist, economic official)
MANILA, May 11 (Reuters) - The Philippine economy shrank more than expected in the first quarter, though sequential momentum showed a recovery was underway and suggested the central bank will keep rates at a record low at this week’s policy review to support the revival.
Gross domestic product fell 4.2% in the March quarter from a year earlier, the statistics agency said on Tuesday, worse than the median estimate of a 3.0% contraction in a Reuters poll, but an improvement from the 8.3% slump in the previous quarter.
UPDATE 2-Philippine economic slump extends into Q1, but signs of recovery emerge Reuters 1 day ago Q1 GDP shrinks 4.2% yr/yr, grows 0.3% qtr/qtr Government says economy on the mend Cbank seen keeping key rate steady on Wednesday (Adds comments of economist, economic official)
By Neil Jerome Morales and Karen Lema
MANILA, May 11 (Reuters) - The Philippine economy shrank more than expected in the first quarter, though sequential momentum showed a recovery was underway and suggested the central bank will keep rates at a record low at this week s policy review to support the revival.
Gross domestic product fell 4.2% in the March quarter from a year earlier, the statistics agency said on Tuesday, worse than the median estimate of a 3.0% contraction in a Reuters poll, but an improvement from the 8.3% slump in the previous quarter.