PSA says calamities, lockdowns cripple economy

PSA says calamities, lockdowns cripple economy

By Junex Doronio

MANILA — Apparently testing the legendary spirit of Filipino resilience, natural calamities, and the pandemic have crippled the country’s economy and Acting Socioeconomic Planning Secretary Karl Kendrick Chua blamed the poor economic performance on the pandemic which paralyzed consumer spending and business activities.

Even the Philippine Statistics Authority (PSA) has conceded that the current economic crisis starting 2020 was the country’s worst since World War II due to pandemic woes in an addition to the impact of the eruption of Taal Volcano and strong typhoons.

“Economic growth will be hard-pressed to make a stronger economic recovery if children and families are restricted from participating in the economy, as up to 50% of non-essential retail sales are driven by family spending,” Chua stressed.

In a statement, the PSA said the growth rate in 2020 shrank by 9.6%, slightly more than the -9.5% reported in January.

It added that the drop in the fourth-quarter gross domestic product remained at -8.3%, according to the revised calculations.

“Revisions on the estimates are based on the updated data submissions/releases by the data source agencies,” the PSA pointed out.

The revised GDP estimates came ahead of the PSA announcement of the 2021 first-quarter economic performance on May 11. (AI/MTVN)

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