The Bangko Sentral ng Pilipinas (BSP) sees a deeper contraction of the Philippine economy this year. This brought the contraction in GDP to 9 percent in the first half. The central bank’s latest estimate is worse than the government’s adjusted assumption of a 5.5-percent GDP contraction for 2020. “With all these developments as backdrop, we expect an even firmer economic recovery next year,” Diokno added. For 2021, the government sees the economy recovering by 6.5 to 7.5 percent, taking into consideration the availability of Covid-19 vaccines by the middle of next year.

Source: Manila Times October 27, 2020 16:30 UTC