Two important reports recently:
(1) Sales, profits
fall amid lockdown
Louella Desiderio September
14, 2021 | 12:00am
https://www.philstar.com/business/2021/09/14/2126885/sales-profits-fall-amid-lockdown
The PwC MAP 2021
Philippine CEO survey presented to the media yesterday showed 70 percent of the
CEOs said their average daily sales and profits declined by at least 10 percent
each time the country is placed under a lockdown.
Conducted from July
to August, the survey had 178 CEOs as respondents, the highest number so far.
(2) Moody’s downgrades
PHL growth forecast
Luz Wendy T. Noble
September 17, 2021 | 12:33 am
https://www.bworldonline.com/moodys-downgrades-phl-growth-forecast/
MOODY’S Investors
Service once again cut its economic growth forecast for the Philippines to 4.8%
this year, citing the impact of stricter lockdowns and the sluggish vaccine
rollout on recovery.
Moody’s latest
estimate is slower than the 5.8% it gave in July, which was also downgraded
from the original 6.3% target. It falls within the government’s 4-5% full-year
growth target.
Source: Weekly impact of lockdowns in NCR plus - BusinessWorld (bworldonline.com), August 27, 2021.
And this screen shot of Mr. Lacson interview, July 29, 2021.
On (2), if Moody's projection 4.8% growth 2021 is correct, then GDP level 2021 will be P18.34 trillion, similar to 2018 level P18.26 trillion. Three years of econ performance erased despite popn rising by 5 M people.
Note that 2020 GDP level P17.53 trillion was slightly
higher than 2017 level P17.18 trillion.
I think that 99% of all economists in this country have supported the prolonged lockdown even if they knew 100% that such policy will shrink the economy hard. Some even rejoiced and commended "burning down our ships to the ground." That only vax-vax-vax is the solution, no natural immunity, no Ivermectin or HCQ or other proven and old but repurposed drugs.
Meanwhile, the vax-vax-vax countries, have they succeeded in reducing high infections and cases? From these countries below, the answer is NO.
Their vaccination rates as % of population as of September 14, 2021:
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See also:
Macroecon 10, Inflation rates June 2021 of the US, PH, July 14, 2021
Macroecon 11, PH budget 2022 initial numbers, July 28, 2021
Macroecon 12, August 2021 inflation rate highest since Dec. 2018, September 07, 2021.
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