The Asian Development Bank (ADB) downgraded its growth forecast for the Philippine economy this year because of the effects of the coronavirus disease 2019 (Covid-19) pandemic on the country. If correct, the revised outlook would fall below the 6.5- to 7.5-percent 2020 growth target of the government, and would be the slowest since the 1.1-percent expansion in 2009. The multilateral lender also warned that risks to its 2020 estimate were tilted to the downside. Next year, ADB sees a V-shape recovery for the Philippines, with growth reaching 6.5 percent, provided that the outbreak’s effects dissipate by June. “Public investment and a rebound in private consumption will be the main drivers of the economic recovery,” it said.

Source: Manila Times April 03, 2020 17:31 UTC