Fitch: PH economy to contract by 4% this year

The Philippine economy is forecasted to contract by 4% this year, according to Fitch Ratings, due to lockdown restrictions and a weak external environment.

Fitch previously projected a -1% growth for the Philippines in May, while S&P Global Ratings and Moody’s Investors Service predict contractions of 0.2% and 2.5%, respectively.

In contrast, Moody's Analytics expects a milder contraction of 1.8%, assuming no second wave of coronavirus cases late this year.