Philippine economy set for significant Q1 slowdown

The Philippine economy is expected to significantly slow down in the first quarter due to government lockdown measures and global supply chain disruptions.

Economists predict a 'big hit' to GDP growth, though the exact magnitude remains uncertain.

Fitch Solutions forecasts Philippine GDP growth at 4% for 2020, down from their previous estimate of 6%, citing impacts on tourism, remittances, supply chains, and FDI inflows.

A wider quarantine in Luzon and tighter overseas lending conditions pose the main risks to economic growth, threatening to bring it to its lowest levels since 2011.