The coronavirus outbreak will likely send the Philippine economy into its first annual contraction in more than two decades this year, before it pulls back up for a U-shaped recovery in 2021, the central bank governor said on Saturday.
Key cities in the Philippines, among the fastest growing economies in Asia during the pre-pandemic period, are under strict quarantine measures since mid-March.
That would mark a sharp reversal from the government’s initial annual growth target of between 6.5% and 7.5% for 2020 to 2022. Philippines President Rodrigo Duterte on Friday extended a strict lockdown in the capital Manila and key cities until May 15 to try to contain the spread of the coronavirus, which has so far killed 477 people and infected 7,192 in the country.
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