The ADB sees growth across developing Asia-Pacific falling to a 59-year low largely because of the COVID-19 pandemic, with the Philippines suffering a 3.8 percent drop in GDP. | bendeveraINQ
“The contraction in the global economy will continue to drag external trade, tourism and remittances” in the Philippines, the Manila-based multilateral lender said.
“Economies in Asia and the Pacific will continue to feel the blow of the COVID-19 pandemic this year even as lockdowns are slowly eased and select economic activities restart in a ‘new normal’ scenario,” said ADB chief economist Yasuyuki Sawada. “These countries were affected by the pandemic earlier than other parts of the world as a result of their geographic proximity as well as close economic ties to China,” said an IIF report by associate economist Yuanliu Hu, economist Benjamin Hilgenstock and deputy chief economist Elina Ribakova.
“Forecast downgrades are largest for Thailand and the Philippines, where first-quarter data already show substantial weakness, and Malaysia, where a longer-than-expected lockdown will be challenging for the economy,” it said.“The pandemic’s most immediate impact on the Asean-4 has been via the tourism industry, as flights were canceled, attractions closed, and travel restrictions adopted,” it said.
“Extended lockdowns and lower income expectations will hold back domestic demand, in particular private consumption, which has become an increasingly important driver of growth in the region,” it said.
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