Misguided post-COVID-19 recovery and economic stagnation

MANILA, Philippines — The Philippines can no longer afford to mistake economic growth for economic transformation. The International Monetary Fund in 2024 reported that Philippine labor productivity remained below its prepandemic trend, while medium-term potential growth was revised downwards from 6.5 percent before the pandemic to 6.0-6.3 percent. The 2024 Bangko Sentral ng Pilipinas study on