Moody’s Analytics has cast a bad mood over the state of the country’s economy, which it said has been badly battered by the coronavirus disease 2019 (Covid-19).

“The Philippines economy is in a worrisome state. Elevated inflation, a large output gap, a recent resurgence of Covid-19 infections, and limited vaccine availability are all reasons for concern,” it said in a report released Friday.

The Moody’s unit also said the inflation rate of 4.7 percent in February, a two-year high, might linger until the middle of this year.

“The uptick was driven by food shortages, with swine flu a significant contributor the disease has reportedly wiped out over one-third of the country’s pig stocks… Demand-pull inflation is weak and will remain that way into the June quarter,” Moody’s Analytics said.

Meanwhile, daily cases of Covid-19 has reached new highs, with nearly 10,000 logged on Friday, with Moody’s Analytics saying vaccine availability in the country remains limited.

“Recent reports indicate that the archipelago has so far only received enough vaccines for 1 percent of the population, with current estimates indicating that the population won’t be fully vaccinated until 2023,” it said.