The general consensus, it seems, to recover from the severe economic setback created by the pandemic is simply to reopen the economy. There is much agreement on this, with growth in 2021 forecast to range from 6.5 percent to 7.5 percent.
An artwork at the Lagusnilad underpass in Manila. TMT FILE PHOTO
This year, however, reminds us about the limitations of predictions. The Philippines was forecast to have robust growth in 2020, but mainly because of Covid-19, the country is, instead, expected to contract between 8.5 percent and 9.5 percent.
The economy may not return to normal next year, despite the reopening. To boost the probability of realizing that big rebound, the government should look for other measures that would ensure rapid economic growth in the coming years.