(C) Bloomberg. Pedestrians wearing protective masks walk with luggage in Quezon City, Metro Manila, the Philippines, on Saturday, March 14, 2020. President Rodrigo Duterte said he would place some 12 million people in the Manila area on lockdown and largely suspend government work for a month in an effort to stop the coronavirus from spreading. Photographer: Veejay Villafranca/Bloomberg
(Bloomberg) — The Philippines’ economic officials revised their forecast for this year’s GDP to a decline of 2% to 3.4%, a deeper contraction than the estimate of a 1% drop by made by Finance Secretary Carlos Dominguez weeks ago.
The group known as Development Budget Coordination Committee expects next year’s GDP to rebound to a growth of 7.1% to 8.1%, according to a statement. This year’s budget deficit is projected to hit 8.1% of GDP from a previous estimate of a 5.3%, it said.
(C)2020 Bloomberg L.P.
Philippines Forecasts GDP Contraction of 2% to 3.4% This Year
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