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Now Reading: ECONOMIC IMPACT | Philippine economic growth for this year will slow down – ADB
ECONOMIC IMPACT | Philippine economic growth for this year will slow down – ADB
April 4, 2020 , 12:45 PM

April 4, 2020 — The Philippines’ economic growth will slow significantly this year due to an escalating coronavirus cases, which has disrupted business operations resulting to hundreds of thousands of job losses, the Asian Development Bank in a report release on Friday.

But, the Manila-based lender forecasted a strong rebound next year, with expansionary fiscal and monetary policies partly offsetting slower domestic demand and disruptions in tourism, trade, and manufacturing in its annual flagship economic publication, ADB Outlook 2020.

“This unprecedented and extraordinary public health emergency brought about by the COVID-19 pandemic will substantially slow down economic growth this year, with most of the contraction in the economy occurring in the second quarter,” Kelly Bird, AND country director for the Philippines.

“We are anticipating a bounce back starting in the second half of this year, supported by the government’s stimulus spending and easier monetary policies.”

The ADB projected the Philippines’ gross domestic product (GDP) to grow at only 2.0% in 2020 following an “enhanced community quarantine” imposed by the government in March to stop the spread of the novel coronavirus disease (COVID-19) in the country. Last year, the GDP grew at 5.9 percent but it has been sliding since 2016.

Philippine economic managers have set growth targets of 6.5 percent to 7.5 percent before the corona virus spread across the world in the first quarter.

But ADB said it expects a strong recovery to 6.5% GDP growth in 2021, assuming that COVID-19 infections in the country are curbed by June this year.

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