Daily News

World Bank: PH GDP to shrink 1.9% in 2020

The Philippine economy is projected to contract by 1.9% this year because of the effects of the coronavirus disease 2019 (Covid-19) pandemic, according to the World Bank. Its latest outlook for the Philippines was worse than the 3% growth it earlier forecast in March, as well as the Asian Development Bank’s 2% and the International Monetary Fund’s 0.6% growth projections for 2020. It was also worse than the 6% gross domestic product growth posted last year.