FILE PHOTO: A worker pushes a cart loaded with goods for delivery onto the pavement in the Divisoria district of Manila on Nov 30, 2021. (AFP)
The Philippine economy rebounded more strongly than expected in 2021 after a relaxation of Covid-19 rules fuelled consumer spending and got more people back to work, officials said Thursday as they forecast a return to pre-pandemic growth this year.
Gross domestic product expanded 5.6%, the statistics agency said, after a 9.6% slump the previous year — the worst since World War II — was fuelled by crippling lockdowns destroying millions of jobs and forcing people to stay home.
The latest reading beat the median forecast of 5.1% growth expected by analysts surveyed by Bloomberg.
The surprising performance was driven by a pick-up in consumer spending and…
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