World Bank: PH GDP growth slows to 3%, worst case -0.5%

The World Bank projects Philippine GDP growth to slow down to 3% in 2020 due to the coronavirus pandemic, with a worst-case scenario of a 0.5% contraction.

In its report 'East Asia and Pacific in the Time of COVID-19', the World Bank notes that under baseline conditions, the economy will recover strongly in the third quarter.

However, if there is a deeper contraction due to drastic slowdowns in domestic consumption and investment, recovery could be sluggish with negative impacts extending into 2021.