An analyst at the Asian Development Bank (ADB) said on Wednesday it was possible for the Philippines to stage a strong economic recovery next year after getting battered this year by the COVID19 crisis.
MANILA - An analyst at the Asian Development Bank said on Wednesday it was possible for the Philippines to stage a strong economic recovery next year after getting battered this year by the COVID-19 crisis.
“That's because we expect a very bad economic outcome this year which means that there’s much opportunity for growth next year,” Villafuerte said in an interview with ANC. “I agree, there’s room for a strong bounce-back for the Philippines next year,” Villafuerte said, noting that the Philippines unveiled a very large stimulus package equivalent to 2.7 percent of gross domestic product.
In April, the ADB said that Philippine growth would slow to 2 percent this year because of the COVID-19 crisis. But this estimate was before the full impact of the lockdown of the entire island of Luzon was felt.
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