ECONOMIC MANAGERS SEE GDP SHRINKING UP TO 9.5% THIS YEAR
The cabinet-level Development Budget Coordination Committee said it now expects GDP to contract 8.5 to 9.5 percent this year, which is deeper than the 5.5 percent contraction it forecast earlier.
This means that the DBCC expects the October to December period to also post negative growth between 4.5 percent to 8.2 percent.
The projected full year contraction of at least 8.5 percent is worse than the 7 percent contraction seen in 1984.
The DBCC said this was due to the prolonged imposition of community quarantines in various regions in the country.