Economic managers study impact of extended GCQ

Economic managers are studying the impact of the extended general community quarantine (GCQ) in Metro Manila on this year's economic growth.

The GCQ has been extended until the end of July, with a possibility of reverting to modified enhanced community quarantine (MECQ) if infections continue to rise.

Finance Secretary Carlos Dominguez III said the extension would likely level off but not improve the recession, with an estimated 2% to 3.4% contraction this year due to the pandemic.

Capital Economics predicts a deeper economic shrinkage of up to 8% for the year as GCQ continues and infections increase.