Philippine News Agency
Economist eyes limited economic impact of nCoV on PH
The Philippine economy could see a slowdown in growth due to the prolonged coronavirus outbreak, with trade and tourism expected to be most affected.
Union Bank of the Philippines estimates a potential GDP growth decline of 0.3% to 0.8% if the outbreak persists for at least six months.
This projection is informed by the impact of the 2002-2003 SARS outbreak, which saw Southeast Asian economies shrink by an average of 0.5% over seven months.
The Philippine economy grew by 5.9% last year, already missing the government's target of at least 6%.
However, the bank notes that if the impact is severe but temporary, similar to SARS, the economic effect on the Philippines might be minimal, though travel recovery could take time.
Industries such as tourism and trade are particularly vulnerable, with China being a major trading partner and the second-largest source of tourists for the Philippines.
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