Philippine News Agency
PH GDP growth to slide in ‘20 due to Covid-19: ADB
The Asian Development Bank (ADB) forecasts the Philippines' GDP to slow down to 2.0% in 2020 due to the economic disruptions caused by the COVID-19 pandemic.
This significant slowdown is attributed to the enhanced community quarantine, which has impacted tourism, trade, and manufacturing, as well as reduced domestic demand.
ADB projects a rebound to 6.5% GDP growth in 2021, contingent on curbing COVID-19 infections by June of the same year.
Most of the economic contraction is anticipated to occur in the second quarter of 2020, with a bounce-back expected in the second half of the year.
The government's expansionary fiscal and monetary policies are expected to partially mitigate the economic contraction.
ADB has provided two grants totaling $8 million to assist the Philippine government in its fight against the pandemic's economic impact, including funds for emergency medical supplies and food for poor families.
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The Philippine economy is expected to enter a recession with a projected GDP growth of 0% to -1% for 2020 due to the severe impact of COVID-19.
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