Philippine economy to post first contraction in 20 years
The Philippine economy is expected to post its first annual contraction in more than 20 years this year due to the global coronavirus outbreak.
According to the Bangko Sentral ng Pilipinas (BSP), the country’s central bank, the gross domestic product will likely shrink by 0.2% this year, before bouncing back to about 7.7% in 2021 as policy support measures gain traction.
Major cities in the Philippines have been under strict quarantine measures since mid-March. BSP governor Benjamin Diokno said in a statement that the strong recovery is based on the assumption that the pandemic is contained in the second half of this year.
The Philippines was among the fastest-growing economies in Asia during the pre-pandemic period.
Related news
- BPO firms seek state support in adjusting to new normal · 27 Apr
- CITIRA uncertainty affects PEZA investment pledges · 24 Apr
- BPO group calls for additional aid for displaced workers · 24 Apr
Disclosure: Outsource Accelerator uses AI tools in the backend of its editorial workflow. Every article is reviewed and verified by a human editor before publication.
Stay ahead of the outsourcing industry. Join thousands of business leaders who rely on Outsource Accelerator for the news, trends, and expert insights that matter. Subscribe to our free newsletter and never miss an update.
