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Philippine economy may shrink 8 percent in Q2: Moody’s Analytics

The Philippine economy may contract by 8 percent in the second quarter of 2020 due to containment measures against COVID-19, according to Moody’s Analytics.
Philippine economy may shrink 8 percent in Q2: Moody’s Analytics ảnh 1Customers queue up outside a shop in Manila, the Philippines. (Photo: Xinhua/VNA)

Hanoi (VNA) – ThePhilippine economy may contract by 8 percent in the second quarter of 2020 dueto containment measures against COVID-19, according to Moody’s Analytics.

That will follow the GDP decline of 0.2 percentin Q1, ending 84 straight quarters of positive growth since Q4 of 1998.

Steven Cochrane, chief economist for AsiaPacific at Moody’s Analytics, said the country’s GDP is seen sinking by 4.5percent in 2020.

Meanwhile, economic managers, through theDevelopment Budget Coordination Committee, forecast the GDP of this archipelagonation may contract between 2 and 3.4 percent this year. 

The last time the country’s economy contractedwas in 1998 with 0.5 percent due to the Asian financial crisis.

Cochrane warned that if the lockdowns continuewell into Q3 of 2020, the risks to the outlook for both 2020 and 2021 areclearly to the downside./.

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