The credit ratings agency now projects the country’s gross domestic product (GDP) growing to 6.1 percent this year, instead of the earlier 6.2 percent, it said in a report on Tuesday. According to Moody’s, the impact would be felt in trade and tourism, and in some sectors through supply-chain disruptions. “This shock comes on the back of a marked slowdown in 2019 as decelerating global trade hit the region,” it said. Reduced Chinese demand for Asia’s exports and supply chain disruptions represent the two most direct transmission channels for slowing economic growth, although services trade adds a third channel, it added. Earlier, the government estimated that the outbreak’s impact could shave as much as 0.7 percent of the country’s GDP if it lasts the entire year.

Source: Manila Times February 18, 2020 21:22 UTC