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GDP Per Capita in The Philippines

The document discusses projections for the Philippines' economy over the next 100 years from 2020. GDP growth is projected to be 4.5% in 2021 and 6.5% in 2022 according to the Asian Development Bank, though a full recovery from the impacts of the COVID-19 pandemic will take decades. The total long-term economic cost of the pandemic for the Philippines is estimated to be 41.4 trillion pesos over the next 40 years.

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May Ramos
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15 views

GDP Per Capita in The Philippines

The document discusses projections for the Philippines' economy over the next 100 years from 2020. GDP growth is projected to be 4.5% in 2021 and 6.5% in 2022 according to the Asian Development Bank, though a full recovery from the impacts of the COVID-19 pandemic will take decades. The total long-term economic cost of the pandemic for the Philippines is estimated to be 41.4 trillion pesos over the next 40 years.

Uploaded by

May Ramos
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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How do you see the Philippines after 100 years from the year 2020?

Use the
graphic organizer provided. Discuss why the group think this is the path our
country is leading to in the future. Give evidence through facts and citation.

GDP per Capita in the Philippines

l The Philippines’ Gross Domestic Product growth is at 4.5% in 2021 in its


Asian Development Outlook (ADO) Update. The report notes signs of a
gradual recovery in the country’s economy. While 2020 GDP was a
challenging period for the Philippine economy, the Asian Development
Bank expects a rebound soon (2022), with GDP growth projected at
6.5%.

However, in the next few decades, only gradual recovery can be made
possible and it may take some time to transition again to being ”Asian
Tiger Economy”. Socioeconomic Planning Secretary Karl Chua on
25th of September stated that the National Economic and Development
Authority (NEDA) has estimated the long-run total cost of the CoVid-19
pandemic for the next 40 years and it would be about 41.4 trillion
pesos. NEDA has also projected that consumption and investments,
not to mention the overall GDP are likely to be lower due to the
reduced number of businesses that can operate and demand in
sectors of tourism, dining, and public transportation. With that being
said, it is obtained that as long as businesses cannot fully operate at
100%, tax revenues will be lower and the economy will remain at risk --
not to mention proactive international actions would still be required
not only to save the lives in the country but more so to protect
economic prosperity.

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