Connect with us

Hi, what are you looking for?

Economy

Growth targets will be missed in 2021 unless lockdowns are eased

THE GOVERNMENT is unlikely to hit its growth targets this year unless lockdowns brought by a global coronavirus pandemic are eased further, according to the country’s acting Socioeconomic Planning chief.

Policymakers had been unable to balance the health risks and the impact of strict quarantines on economic output because they were risk-averse, Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua told an online news briefing on Monday.

“We have to care for both COVID-19 patients and the people who have other sickness or health or hunger problems,” he said.

“These two are important. Unfortunately, we were not able to balance these well because before, we were risk-averse because we didn’t know. But now we know better, so we will have to live with the virus and balance that better,” he added.

Mr. Chua said he expects Metro Manila and other provinces to shift to a modified general community quarantine next month. “The good news is we have lived with this virus already. After this month, we should be in a better position to relax further.”

He said President Rodrigo R. Duterte would probably make an informed decision on the lockdowns once he sees both the latest health and economic data. He added that age restrictions during the lockdown should be eased “anytime soon.”

“We have been under a general community quarantine or higher in the Metro Manila area for 12 months already, so to the extent that we can continue with it, it’s really going to put our economy in a very difficult position,” Mr. Chua said.

The economy fell into its worst recession since World War II last year as output contracted by 9.5%. This year, the government expects the economy to grow by 6.5% to 7.5%.

Mr. Chua said the rollout of coronavirus vaccines this year would probably boost consumer and business confidence. “The mere announcement and the mere fact that we have a plan is also building a lot of confidence.”

President Rodrigo R. Duterte last month recalled a decision by an inter-agency taskforce (IATF) to let minors as young as 10 years to go out and visit malls, citing the risk from a new coronavirus strain first detected in the United Kingdom. — Kyle Aristophere T. Atienza

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

Elon Musk has suggested that he could seek to pay a lower price for Twitter, as the social media company’s would-be owner expressed further...

Investing

Tens of thousands of apprenticeships could be created and hundreds of millions of pounds saved if the flawed apprenticeships levy were reformed, according to...

Economy

The man accused of killing a doctor and wounding five other people in a shooting at a Taiwanese-American church banquet in California methodically planned the attack because he was upset over Chinese-Taiwanese tensions,...

Investing

Workers should “think and reflect” on whether to ask for pay rises because they risk fuelling inflation, the governor of the Bank of England...

Investing

Ofgem has come under fire for extending rules that will effectively prevent energy suppliers from offering deals that are significantly cheaper than the price...

Investing

Working from home is more popular in Britain than in continental Europe and North America, with commuting journeys down by more than a fifth...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.