Strong GDP growth

We should also take a moment to acknowledge some positive developments on the economic front that have perhaps received less attention than they deserve. Gross domestic product (GDP) growth last quarter was surprisingly strong at 7.6 percent, beating even the most optimistic forecasts, and indicating that, in spite of some lingering issues, the economy is bouncing back from the downturn of the Covid-19 pandemic. One of the main drivers of that growth is the retail sector, which as we learned in The Manila Times online business forum on Wednesday, has successfully adjusted to the realities of the “new normal.”

Those factors are especially encouraging considering that most of the growth was achieved in a period of high inflation, a weak peso, and some troubling problems with the supply of basic food and other commodities. Inflation remains a problem, having clocked in at a 14-year high of 7.7 percent last month, but there are signs of easing ahead: the peso, which fell to nearly P60 to $1, has improved to just under P57 to $1, and supplies of goods are flowing more smoothly.

And finally, we should be thankful for some feared risks that didn’t materialize throughout the year. We did not experience a serious shortage of electricity or water, something which seems to be an annual occurrence, in spite of the increased activity from the fading pandemic. Likewise, despite fears that further easing of health protocols such as mask mandates would lead to a resurgence of Covid-19, the threat continues to diminish; it has not disappeared, of course, and will continue to require active attention, but it has clearly become manageable.

There will always be problems to solve and challenges to face, but reminding ourselves from time to time that our country and our people are stronger than we may feel will help us prevail over whatever may come.