Philippines faces mild recession due to coronavirus

The Philippines is bracing for a recession due to the economic impact of the coronavirus outbreak.

Finance Secretary Carlos Dominguez III estimates that GDP growth could be 0% or -1%, which is worse than forecasts by the Asian Development Bank and World Bank.

GlobalSource Partners analyst Romeo L. Bernardo predicts a 'mild recession' with less than 0.5% contraction for 2020, but expects quick recovery in 2021 if the pandemic is contained by June.