Rappler
Philippines braces for recession due to coronavirus
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.
This revised estimate, announced by Finance Secretary Carlos Dominguez III, is a significant downturn from the earlier target of 6.5% to 7.5% GDP growth for the year.
Bangko Sentral ng Pilipinas governor Benjamin Diokno described the economic slide as a "technical recession," characterized by two consecutive quarters of negative growth.
The extension of the Luzon lockdown until April 30 further strains economic activity in the region, which contributes 73% of the nation's GDP.
The situation is grimmer than earlier forecasts from the Asian Development Bank (2% growth) and the World Bank (3% growth).
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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.
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The International Monetary Fund (IMF) has projected a significant slowdown in the Philippines' economic growth to just 0.6 percent for 2020 due to the COVID-19 pandemic.
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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.
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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.
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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.
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