The Philippine economy may not achieve its growth target for this year owing to the latest surge in coronavirus disease (Covid-19) infections.
“Well, I think it’s going to be lower than what we expected. This surge in the contagion, which is incidentally happening in Brazil, Canada, France, and Turkey, and other places is certainly not good for the economy,” Finance Secretary Carlos G. Dominguez said.
Dominguez expects the latest lockdown to cost the economy “one half of 1 percent.”
Economic managers have set a growth target, as measured by gross domestic product (GDP), of between 6.5 and 7.5 percent this year.
The country is registering a surge in new cases since March this year, with the new record-high registered last April 2 at 15,310 infections.
The government has initially set a week-long enhanced community quarantine (ECQ) for the National Capital Region (NCR) and four nearby provinces– Bulacan, Rizal, Cavite, and Laguna– collectively called NCR Plus from March 29-April 4 but extended this for another week, or until April 11, to address the rising infections.