The Financial Stability Coordination Council released its first semester report Wednesday where it noted that recovery is happening at different speeds among different sectors of the economy, and in different parts of the world.
The Philippines experienced its worst quarterly economic performance from April to June last year, with the gross domestic product shrinking a historic 16.9 percent, as the country’s most productive regions were put on hard lockdown. This was also reflected by the significant contractions observed in these sectors following the March-May 2021 lockdown, the council added.
"The reboot of activity in the retail trade sector will be more than just opening up the economy. This is where the scars of COVID-19 matter.”