Still going through the process myself. My understanding(I am not a lawyer) is that, You have up to 18 months to file in each country after the PCT is filled. The grant process is still handled on a country by country basis.
Do check with your lawyer to verify this information.
With the first caveat that this is not legal advice and is not a substitute for speaking to a licensed professional in your jurisdiction, the short answer is probably no.
First of all, the PCT does not provide a "patent approval." The PCT process provides searching and examination and will give you an idea of how the claims of the invention will be treated in the national stage. The actual patent approval occurs in the individual countries and, depending on the country, can be based on registration or examination (most countries that people are interested in conduct examination).
Typically the process is as follows: applicant files a first application in their home country (the priority application), within the 12 month Paris Convention deadline a PCT application is filed either in the home country receiving office or Geneva. The PCT application is administered through WIPO and provides an additional 18 months to enter the national stage in most (but not all) PCT countries. It is important to note that not all countries are a member of the PCT or the Paris Convention. Some Countries in the PCT require that you file a Chapter II demand to extend to the full 30 months. [Alternatively you can file the PCT application instead of your priority application and still benefit from the 30 months discussed above. You can also enter the national stage earlier than 30 months.]
Once you enter the national stage, your application is reviewed for formalities and then (most countries) placed in a queue for national examination. You may be able to accelerate this process (jurisdiction dependent), but in most cases the application is picked up based on backlog, which can vary by technology. In the US it can take 3-5 years from filing (entering the national stage in this case) to receive an issued patent if no acceleration has been required.
I would encourage you to discuss this with your attorney. S/he will be able to provide additional guidance to the process that cant be covered in a blog post.
Cecil has give the most comprehensive answer to which I can agree with the following additional points:
You can enter the national phases much more quickly if you want. You do not have to wait 30 months from priority date (roughly 18 months after most PCT filing dates)
The speed of grant depends often on the search authority. For example, if you chose the European Patent Office as the search authority you will effectively speed the grant process in Europe. It seems to be similar for other search authority.
Frankly - the best way to speed up the patent process is to reply promptly to any office actions. You cannot expect the patent office to reply within two weeks if you take 3-4 months to prepare the response
Phoning the examiners can be one of the best ways to expedite an application.
OK, well over 300 PCT cases filed by me. It is a cheap way of getting potential almost worldwide cover and, most importantly of delaying costs by about 18 months. If your text is written to comply with the major jurisdictions, PCT is a no-brainer. But, get the basics wrong and you are fried. This is not 'do-it-yourself' territory.
PCT application enables the inventor/applicant to file national phase application at various countries within 31 months from the priority date, thus, you can take the decision after validating/commercializing your patent pending product/process.
Apart from the above, you will also receive patentability opinion along with search report, thus, you will be able to take the decision whether you wish to file the same patent in various countries or not.
You can find more details about PCT advantage in the attached link.