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Philippine economy to fall 9.2 percent in H2: ANZ Research

ANZ Research predicts that the Philippine economy will fall 9.2 percent in the second half of 2020 as the economy is likely to book a double-digit contraction in the third quarter due to the coronavirus pandemic.
Philippine economy to fall 9.2 percent in H2: ANZ Research ảnh 1In a market in Manila, the Philippines (Photo: AFP/VNA)

Hanoi (VNA) - ANZ Research predicts that thePhilippine economy will fall 9.2 percent in the second half of 2020 as theeconomy is likely to book a double-digit contraction in the third quarter dueto the coronavirus pandemic.

ANZResearch expects the Philippines’ GDP would contract by 11.5 percent in thethird quarter and by 7.1 percent in the fourth quarter.

KanikaBhatnagar, economist at ANZ Research, said as a result, the economy is nowexpected to contract by 9.1 percent this year, a reversal of the six percentgrowth in 2019.

Theeconomy stalled after Luzon was placed under enhanced community quarantine inthe middle of March. The lockdown was relaxed as the National Capital Region(NCR) shifted to general community quarantine in June.

However,Metro Manila and nearby provinces reverted to stricter modified enhancedcommunity quarantine from August 4 to 18 as COVID-19 cases surged.

Theeconomist also cited the unprecedented fall in remittances due to therepatriation of overseas Filipino workers, a surge in unemployment rate to arecord 17.7 percent as well as slow fiscal delivery.

Inaddition, Bhatnagar noted the limited efficacy of monetary policy even if the Philippines’central bank (BSP) slashed interest rates by a cumulative 175 basis points to arecord low of 2.25 percent so far this year and lowered the reserve requirementratio./.
VNA
#Philippine economy #double-digit contraction #ANZ Research #Kanika Bhatnagar #COVID-19 cases #central bank #VietnamPlus #Vietnam news Philippines
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