MANILA, Philippines—A more robust recovery of the Philippine economy may have to wait until the end of 2022 as the return of stricter lockdown measures in the next two weeks will likely affect consumer confidence adversely.
Thus said ING Bank Manila senior economist Nicholas Mapa who added that the country’s gross domestic product will likely contract again in the first three months of 2021, extending the recession to five straight quarters.
“Base effects will ensure that second quarter GDP will post ‘growth’ but only by virtue of how steep a drop was posted during the height of the enhanced community quarantine last year,” he said in an email to reporters on Tuesday.
“Despite…
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