Fitch cuts PHL growth outlook to 0.5%, recession possible

Updated MON · MAY 4, 2020 · 9:17 PM

Fitch Solutions reduced its economic growth forecast for the Philippines to 0.5% in 2020 due to the impact of lockdown measures.

The downgrade follows an earlier estimate of 4%, with a full-year contraction possible if first-quarter GDP is lower than expected, which will be released on May 7.

Fitch Solutions noted that the country is now 'on the cusp of recession' and expects a slow recovery in Q3 2020 as containment measures are gradually eased.

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Fitch cuts PHL growth outlook to 0.5%, recession possible

Fitch Solutions cuts 2020 PHL growth outlook to 0.5%, contraction possible if Q1 weak

Philippine economy on the cusp of recession, growth now pegged at 0.2% -Fitch Solutions