The Philippine economy bounces to a double-digit growth of 11.8 percent in second quarter of 2021 after the dismal -16.9 percent growth the previous year.
The Philippines finally experiences economic expansion after five consecutive quarters of contractions; growth is among the fastest rates recorded. The country experienced an expansion
during the second quarter of 2021 following earlier economic contractions during the first quarter of 2021and the previous quarters of 2020. It should be noted though that the recorded growth was in comparison to the previous year when the pandemic started. Economic growth reached 11.8 percent,
the highest documented growth since the Q4 1988 (at 12.0 percent growth). The improved performance was documented in most components of the demand- and supply-sides, except for government spending, balance of trade, and agricultural sector growth. The expansion reveals that an upward growth trajectory is possible, so as long as there are less obstructions to economic activity despite community lockdowns. Moving forward, upward economic trends; faster vaccine rollout; and improved methods of mitigating risks brought by the COVID-19 pandemic build hope that economic recovery will
extend to the remaining quarters of 2021.
