Oxford Economics: PH economy will be badly hit by COVID-19

UK-based Oxford Economics predicts that the Philippines will be severely impacted by the economic disruption caused by the COVID-19 pandemic.

The report notes that limitations in healthcare systems, fiscal buffers, and economic structure make emerging markets like the Philippines more vulnerable to major external shocks.

During the 2009 financial crisis, emerging markets suffered a larger impact on their economies compared to advanced economies due to similar vulnerabilities.