The Development Budget Coordination Committee (DBCC) has recently announced the national government’s revised Gross Domestic Product (GDP) growth forecast range of –2.0 percent to – 3.4 percent for 2020, a sharp departure from the 6.5 percent to 7.5 percent growth target range 1/3  BIS central bankers' speeches  before the pandemic For 2021, the DBCC expects the domestic economy to recover strongly with a GDP growth forecast range of 7.1 percent to 8.1 percent, This strong rebound is based on the assumption that there is no serious second wave of the disease and that the government would be able to craft and implement a robust economic recovery program.
In this slide we show that OF remittances have been on a steady growth path in recent years and have contributed as well to domestic economic expansion. For the first two months of 2020, cash remittances still grew by 4.6 percent to reach $ billion.