Philippine GDP to contract 1.9% in 2020: World Bank

Philippine GDP to contract 1.9% in 2020: World Bank

A bottle of disinfectant is placed in between pews with social distancing markers as a safety measure against the coronavirus disease, in St Peter Parish in Quezon City, Metro Manila, Philippines, on Sunday. (Reuters photo)
A bottle of disinfectant is placed in between pews with social distancing markers as a safety measure against the coronavirus disease, in St Peter Parish in Quezon City, Metro Manila, Philippines, on Sunday. (Reuters photo)

MANILA: The Philippine economy will likely contract by 1.9% this year, weighed down by the impact of a local volcanic eruption and the coronavirus pandemic, the World Bank said on Tuesday.

It would be the country's first annual decline in gross domestic product since the Asian financial crisis, Rong Qian, senior economist at the World Bank, told a news conference.

But GDP would likely recover in 2021 as economic activity resumes following strict quarantine measures that caused the economy to grind to a halt in mid-March, she said.



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