The Philippine economy could have rebounded in the third quarter of 2020, but state-imposed physical distancing measures would continue to weigh on its recovery from the coronavirus disease 2019 (Covid-19) pandemic, according to Capital Economics. Capital Economics also said this bounceback remained weak, noting that “although manufacturing production has rebounded in recent months, it was still down 13.8 percent y/y in August. Lack of fiscal support is also hampering recovery, according to Capital Economics. Many low-income countries in Asia are likely to be at the back of the queue for receiving an effective vaccine,” it added. Earlier, Capital Economics projected the Philippine economy to contract by 8 percent this year before growing by 13 percent in 2021 and 8.5 percent in 2022.

Source: Manila Times October 28, 2020 16:41 UTC