Good day!

I’m Ayamae Mondala and I’ll be talking about the current economic
status of our beloved country, Philippines

Based on what I’ve read from the Press release

The Philippine' economy has been one of the most dynamic in the East Asia
Pacific region. Between 2010 and 2019, average annual growth increased to 6.4
percent, up from 4.5 percent on average between 2000 and 2009. With rising
urbanization, a growing middle class, and a large and young population, the
Philippines' economic dynamism is based on strong consumer demand, which is
backed up by a thriving labor market and robust remittances. Business activity is
rapid, with notable performance in the services sector. The Philippine economy
has also taken a step toward inclusive growth, as evidenced by a decrease in
poverty rates. Poverty fell from 23.3 percent in 2015 to 16.6 percent in 2018.
However, COVID-19 pandemic and community quarantine measures that it had a
significant impact on economic growth and poverty reduction. In 2020, growth
contracted significantly, due to sharp declines in consumption and investment
growth, which were impacted by a sharp slowdown in exports, tourism, and
remittances, which results with negative consequences for poverty reduction in
the Philippines.
The multiple shocks that hit the Philippines, specifically, the COVID-19 health
crisis and quarantine measures that disrupted economic activity across the
country, devastating typhoons, and the global recession – will likely shrink the
economy in 2020, reversing recent gains in poverty reduction.
Nonetheless, the economy has begun to recover, with a 3.7 percent year-on-year
increase in the first half of 2021, facilitated by public investment and a recovery in
the external environment. With continued recovery and reform efforts, the
country is resuming its path from a lower middle-income country to an upper
middle-income country in the short term.

Economic growth is expected to recover further if the virus is contained both

domestically and globally, mass vaccination rates are increased, and domestic
activity is bolstered by increased consumer and business confidence, as well as
public investment momentum. The recovery is expected to also have overall
positive impact on poverty reduction.

Last Updated: Oct 08, 2021

Another action towards good economic status is the

Safeguarding Stability, which is the nvesting in the Filipino
That Despite persistent global and local uncertainties, the Philippine economy is
expected to expand by 6.4 percent in 2019 and 6.5 percent in 2020 and 2021.

Lastly, facing the New Normal

That are expected to cause the Philippine economy to decline by 1.9 percent in 2020. This action will
make a significant probability that the country will recover in the following two years. Sustained
improvements in pandemic management, as well as a possible recovery in the global economy, can help
the country recover in 2021 and 2022.

The Philippines Economic Update is biannual publication of the World Bank. It summarizes key economic
and social developments, important policy changes, and the evolution of external/global conditions.

Based on World Bank

the Philippines begins to recover from COVID-19, the country is getting back on
track to become an upper middle-income country in the next few years. Enhancing
pandemic response is important to cushion health and economic shocks and
protect the most vulnerable.
This shows that the current economic status of our country is not
that bad, considering the fact that it is now getting back on track.
Philippines is now investing for the Future
Investments in infrastructure and education, skills, and health, are not only key to sustaining
high growth but will also ensure that poor and vulnerable families have access to better job
opportunities. Delivering inclusive economic growth through good jobs remains the country’s
most pressing challenge which will bring good impact on our economic status.