The Philippine economy is projected to contract by 1.9 percent this year because of the effects of the coronavirus disease 2019 (Covid-19) pandemic, according to the World Bank. The projected contraction is slower than the 2- to 3.4-percent decline estimated earlier by the country’s economic managers. Economic growth is projected to hit 6.2 percent in 2021 and 7 percent in 2022 on the back of increased economic activity and the 2022 national elections. The report cited the need to improve the country’s digital infrastructure to ensure reliable and affordable internet services. The Department of Finance (DoF) earlier announced that it was ready to spend P1.17 trillion or 6.3 percent of the country’s GDP to combat the pandemic.

Source: Manila Times June 09, 2020 18:49 UTC