By: Manila Bulletin
Economists have slashed their 2020 outlook for the Philippines by more than any other Southeast Asian nation as it struggles with one of the region’s worst coronavirus outbreaks.
The forecast for the country’s gross domestic product dropped from a 6.1% expansion at the beginning of the year to an 8.9% contraction, a swing of 15 percentage points, according to the median of estimates compiled by Bloomberg. Thailand is second-worst, at 10.1 percentage points, followed by Malaysia’s 9.8 percentage points.
The Philippines central bank unexpectedly cut policy rates last week to help accelerate the economy’s disappointing recovery amid weak consumption and fiscal spending and as it grapples with the impact of back-to-back typhoons.
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