Philippine economy forecast to contract for first time in over two decades
The Philippine economy is likely to experience the first annual contraction in more than two decades this year due to the COVID-19 pandemic before it pulls back up for a U-shaped recovery in 2021.
Manila Ninoy Aquino International Airport in Paranaque city, the Philippines, is deserted on April 19 amid the COVID-19 outbreak (Photo: Xinhua/VNA)
Hanoi (VNA) – The Philippine economy islikely to experience the first annual contraction in more than two decades thisyear due to the COVID-19 pandemic before it pulls back up for a U-shapedrecovery in 2021.
Key cities in the Philippines, which is amongthe fastest growing economies in Asia during the pre-pandemic period, are understrict quarantine measures since mid-March, according to Reuters.
In a statement on April 25, Governor thecountry’s central bank Benjamin Diokno said the Philippines’ gross domesticproduct would likely shrink by 0.2 percent in 2020 before bouncing back toabout 7.7 percent thanks to policy support measures.
That would mark a sharp reversal from thegovernment’s initial annual growth target of between 6.5 percent and 7.5percent for 2020 to 2022.
He said the economic recovery would follow aU-shaped path in 2021, following a slowdown in the first quarter andcontractions in the next two quarters of this year.
On April 24, Philippine President RodrigoDuterte extended a strict lockdown in the capital Manila and key cities untilMay 15 in an effort to contain the spread of the coronavirus, which has so farinfected 7,192 people and killed 477 in the country./.
The International Monetary Fund (IMF) has slashed its growth outlook for the Philippines for 2020 from 6.3 percent to 0.6 percent due to the impact of the coronavirus disease 2019 (COVID-19).
The Philippine central bank on April 16 lowered its interest rates by 50 basis points to 2.75 percent, the lowest on record, to keep the economy afloat amid the COVID-19 pandemic.
Philippine President Rodrigo Duterte on April 17 warned about a martial law-like crackdown to stop people flouting a virus lockdown in the nation's capital.
The Philippines is likely to lose about 228 billion PHP (4.5 billion USD) this year in remittances from about 10 million overseas Filipino workers (OFWs) due to the COVID-19 pandemic.
Philippine President Rodrigo Duterte has extended a lockdown in the capital Manila and high-risk localities in Luzon island for two more weeks until May 15 to contain the COVID-19.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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Manila Ninoy Aquino International Airport in Paranaque city, the Philippines, is deserted on April 19 amid the COVID-19 outbreak (Photo: Xinhua/VNA) 
