Philippine economy to shrink 2% to 3.4% in 2020

[BENGALURU] The Philippine economy is expected to shrink between 2 per cent and 3.4 per cent this year as measures to contain the spread of the novel coronavirus weigh on domestic demand and investments, the government said on Wednesday.

The Philippine government said it expected a rebound in 2021, with the economy growing between 7.1 per cent and 8.1 per cent, supported by an economic recovery programme to mitigate the impact of the pandemic.

REUTERS