PH unlikely to reach upper-middle income status this year
The Philippines is unlikely to achieve upper-middle-income status this year due to the economic impact of the coronavirus pandemic.
NEDA Acting Secretary Karl Chua remains optimistic about reaching the goal in 2021 or 2022, though he acknowledges that the target may be delayed by a year or two.
The country's GDP contracted by 0.2% in the first quarter of 2020 and is expected to contract further in the second quarter due to quarantine measures.
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