Philippine economy projected to slip into recession this year

The Philippine economy is projected to slip into recession this year due to the COVID-19 pandemic, according to Fitch Solutions.

Fitch Solutions has downgraded its outlook on the Philippine economy and now expects full-year growth at -0.2% in 2020, lower than their previous estimate of 0.5%.

The government anticipates two consecutive quarters of contraction due to lockdown measures and will rely on infrastructure spending, monetary policy, and state spending to stimulate economic growth.

Fitch Solutions also warned that the Philippine economy could contract by up to 2% in 2020 with a recession looming as a result of the ongoing public health emergency.