Duterte to step down with economy unlikely back to pre-pandemic level

A barangay worker checks the temperature of residents queuing in Barangay Baesa, Quezon City for financial aid from the government on Aug. 16, 2021. The STAR / Michael Varcas

MANILA, Philippines — By the time President Rodrigo Duterte exits Malacañang next year, he will leave with the economy unlikely back to its pre-pandemic shape, as the country struggles to get out of the coronavirus storm.

Gross domestic product would be back to pre-pandemic levels “sometime at end of 2022, if not early 2023,” Socioeconomic Planning Secretary Karl Kendrick Chua told House lawmakers during the first day of deliberations on the proposed 2022 budget.

This means Duterte’s successor, which will take over in June next year, will likely inherit an economy that has not yet regained its pre-crisis vigor. Based on economic managers’ latest estimates, GDP is forecast to grow 4-5% this year before expanding at a higher annual rate of 7-9% in 2022, with base effects masking what would be a shallow recovery as new lockdowns triggered by the Delta variant cripple the economy.

Full Story: https://www.philstar.com/business/2021/08/26/2122803/duterte-step-down-economy-unlikely-back-pre-pandemic-level