AFTER ENTERING RECESSION, PH SET FOR RECORD COLLAPSE THIS YEAR
Economists at First Metro Investment Corp, an investment house, and the University of Asia and the Pacific projected gross domestic product (GDP) to shrink between 8-9% year-on-year in 2020.
Victor Abola, an economist at UA&P School of Economics, said the scale of contraction would be the largest on record, beating the previous low of 7% under the Marcos dictatorship in 1984.
“We’re now in a rough patch,” Abola said.
“We just saw very bad figures on GDP led by domestic demand, which used to be our main driver,” he added.