Daily News

‘Philippines economic recovery among slowest in Asia’

A prolonged lockdown that has now been in place for four months will cause the Philippine economy to contract by eight percent this year and make it among the slowest to recover in Asia, a London-based think tank said. Capital Economics placed the pace of economic recovery in the Philippines alongside that of Indonesia and most of Southeast Asia where the number of reported COVID-19 cases is still rising. The latest forecast for the domestic economy falls well below the government’s expectation of a contraction of 2% to 3.4% this year.