This was the title of the economic forecast presented by BDO Chief Investment Officer Fritz Ocampo during an economic briefing held by the FINEX Professional Development Committee last month. He was joined by Ray Farris who is the chief economist of the International Wealth Management Division of Credit Suisse. As reactors, we had Romy Bernardo, an adviser to numerous public companies and institutions as well as John Nai Peng Ong who is the chief finance officer of SM Prime Holdings Inc.

Farris opened the briefing with the global outlook. Despite the intermittent spikes in coronavirus disease 2019 (Covid-19) cases, new cases are actually falling in all regions. Vaccine supply is increasing rapidly and its deployment in developed countries could possibly lead to herd immunity by the end of the year. This is, however, unlikely in most emerging market countries even by the end of 2022. Industry is recovering faster than service obviously because most services are still closed. Goods consumption has risen sharply particularly in developed market retail sales and this has boosted Asian exports.

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