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Philippine economy to shrink 2%-3.4% in 2020

Philippine economy to shrink 2%-3.4% in 2020

Wednesday, May 13, 2020, 11:38 GMT+7
Philippine economy to shrink 2%-3.4% in 2020
A man walks on an empty road at the central business district as the government implements an ‘enhanced community quarantine’ in the country’s main island Luzon to contain the coronavirus, in Makati City, Metro Manila, Philippines, March 17, 2020. Photo: Reuters

MANILA — The Philippine economy is expected to shrink between 2% and 3.4% this year as measures to contain the spread of the novel coronavirus weigh on domestic demand and investments, the government said on Wednesday. 

The Philippine government said it expected a rebound in 2021, with the economy growing between 7.1% and 8.1%, supported by an economic recovery program to mitigate the impact of the pandemic.

Reuters

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