PH recession to last until next year

PH recession to last until next year

Dutch financial giant ING Bank said that the Philippine economy continues to lose steam and is poised to remain in recession until 2021 amid the COVID-19 pandemic, as the country’s gross domestic product (GDP) contracted by 10 per cent from January to September.

According to ING Senior Economist Nicolas Mapa, “The Philippines is poised to remain in recession for a couple more quarters, with trends pointing to sustained weakness across key sectors. Government officials remain confident of a quick turnaround, but signs of soft consumption, decelerating investments and lackluster government spending all suggest otherwise.”

Mapa also warned worrisome trends for consumption, capital formation, and government spending are not likely to reverse quickly even with the more relaxed lockdown restrictions.

Read more here. 

Shares