On the first quarter 2021 GDP growth: Govt missteps stalling real PH recovery

On the first quarter 2021 GDP growth: Govt missteps stalling real PH recovery

The economy is rebounding but real recovery is stalled by government’s major policy missteps, said research group IBON. These include over-reliance on indiscriminate quarantine measures, meager aid and stimulus, and snail-paced vaccine rollout.

The country’s gross domestic product (GDP) declined by -4.2% in the first quarter of 2021. This means that the economy has to grow at an impossible average of 10.8% growth in the last three quarters to hit 7% for 2021, IBON said, or the mid-point of the Development Budget Coordination Committee’s (DBCC) 6.5-7.5% projection for the year.

However, the group stressed that this is impossible especially because of three major policy missteps.