Inquirer
ADB: Protracted battle vs virus to tire out PH economy
The Asian Development Bank (ADB) projects that the Philippine economy could still achieve a 2 percent growth in 2020 if the local COVID-19 outbreak is contained by midyear.
However, the ADB warns that economic recovery may be delayed if key economic drivers like the supply chain, businesses, and their workforce are not quickly reactivated.
The ADB highlighted that the primary risk to the country's GDP growth in 2020 stems from the unpredictable nature of the COVID-19 pandemic.
A prolonged global outbreak beyond the first half of the year or sustained local transmission in the Philippines could result in a larger economic impact than initially anticipated.
The ADB's projections indicate that a domestic COVID-19 outbreak could reduce the Philippines' GDP by over 4 percent, with an additional impact of less than 2 percent from global spillovers.
A 'U-shaped' economic recovery is a possibility if disrupted supply chains, worker rehiring, and business operations are not swiftly restored.
🤖
This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.
News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
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.
Read more →
The World Bank forecasts Philippine economic growth to decelerate to 3.0% in 2020, a significant downgrade from its January projection of 6.1%, due to the impact of the COVID-19 pandemic and community quarantine measures.
+1
Read more →
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.
Read more →
The ASEAN+3 Macroeconomic Research Office (AMRO) has revised its 2020 growth forecast for the Philippines to 4.5 percent, a significant decrease from its previous 6.2 percent projection, due to the ongoing COVID-19 pandemic.
Read more →
Moody's Investors Service has downgraded its Philippine economic growth forecast for 2020 to 2.5 percent due to the adverse effects of the coronavirus pandemic.
Read more →