ADB: PH GDP to grow 2% in '20, rebound at 6.5% in '21

ADB projects Philippine GDP to grow by 2% this year due to the impact of COVID-19, with a strong rebound expected at 6.5% in 2021.

The report notes that quarantine measures have shut down schools and most government offices and private establishments in Metro Manila and Luzon, which accounts for over half of the country's population and generates more than two-thirds of its GDP.

ADB warns that economic recovery may be delayed if supply chains, businesses, and their workforce cannot be quickly restarted.

The lender also highlights risks of prolonged global outbreaks or sustained local transmission impacting the economy further.