First Metro Investment Corp. (FMIC) and UA&P lowered their economic growth projections for 2021, following the slower-than-expected performance so far this year. In a virtual briefing, UA&P economist Dr. Victor Abola said the gross domestic product (GDP) is now seen to range between 5.0% to 6.5% this year, versus the earlier forecast of 5.5% to 6.5%.

“Well certainly, the performance in the first quarter, we didn’t expect it to be negative,” he told reporters during FMIC’s  virtual Mid-Year Economic Briefing. “Actually, businesses were actually opening up quite quickly if you will look at the numbers. December figures were quite good already, and it was just that sudden thing that occurred in the first quarter, the renewed lockdown brought about by the resurgence of the COVID cases.”

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