The headquarters of Bangko Sentral ng Pilipinas (BSP), the Philippines central bank (Photo: Reuters) Manila (VNA) - The Philippine central bank said on June 18 that it forecast wider current account surpluses in 2021 and next year thanks to better prospects for trade in goods and services as the global economy recovers from the COVID-19 pandemic.
The bank raised its 2021 projection for the current account surplus to 10 billion USD, or 2.5 percent of gross domestic product (GDP), from its previous forecast of 9.1 billion USD, or 2.3 percent of GDP, Reuters reported.
Zeno Abenoja, the central bank's managing director, said at a press briefing that the current account surplus for next year was expected to reach 6.7 billion USD, equivalent to 1.5 percent of GDP, also wider than the earlier estimate of 5.2 billion USD in 2022.
An improving global economy will drive 10 percent growth in exports of goods and services, higher than the 8 percent estimation in March and then 6 percent growth in 2022, the official said.
The central bank predicted that imports of goods this year and next year would grow 12 percent and 10 percent, respectively, as domestic demand recovers in line with a gradual reopening of the economy, which should allow for more business activity./.
