3 weeks ADB expects wider contraction of 3.8% for PH economy ahead MB |Biz
By CHINO S. LEYCO The Asian Development Bank (ADB) expects the Philippine economy will contract worse than government’s prediction this year as consumers and investors remain unsure of the future in the wake of the coronavirus pandemic. Based on the Asian Development Outlook Supplement released yesterday, the ADB now expects the gross domestic product (GDP), the broadest measure of the country’s economy, would shrink by 3.8 percent this year, a reversal of an earlier growth estimate of 2.0 percent. The Manila-based lender’s projected level of economic decline is wider compared with the Duterte administration’s target of around minus 2.0 ... more