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DLSU-AKI PEM Report-Q1-2021: Monitoring the Philippine Economy First Quarter Report for 2021

Economic disruptions due to COVID-19 continued as first quarter 2021 year-on-year growth worsened to -4.2 percent from -0.7 percent the previous year. The Philippine economy posted its 5th consecutive quarterly contraction. First quarter growth hit negative 4.2 percent, as the spread of COVID-19 and the consequent lockdowns continued to ravage the economy. Weaker year-on-year performance was recorded broadly for both the demand- and supply-sides, except for government spending that increased to mitigate the contraction. While yearon-year results remained dismal, tapering contractions on a quarterly basis were observed, perhaps asign of a mending economy. The moderately improving but still contracting trend also points to a plausible growth trajectory should the economy be less hampered by lockdown restrictions. Nonetheless, fiscal reforms; a speedy vaccine rollout; and better control of COVID-19 transmissioncould permit economic recovery and boost consumer and business sentiment.

DLSU - Angelo King Institute for Economic and Business Studies
Authors Keywords
Conchada, Mitzie Irene, P; Briones, Darren Angelo ; Philippine economy; COVID-19; pandemic; COVID 19; economic recovery; Lockdown; economic contraction; lockdown restrictions; economic recovery forecast; economics;
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Published in 2021 and available in the De La Salle University - Angelo King Institute for Economic and Business Studies (Room 223, St. La Salle Hall, 2401 Taft Avenue, Manila 0922 or Downloaded 7 times since August 10, 2021
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