PH GDP LIKELY TO HIT -6.3% FOR FULL-YEAR 2020
The MUFG Bank Ltd. said the Philippine economic contraction is expected to carry on through to the end of 2020 as the community quarantines continue to hit domestic demand.
MUFG Global Markets Research analyst Sophia Ng said the economy is likely to contract by 6.3% this year.
“With the general community quarantine (GCQ) still in place in Metro Manila through 31st October and the unemployment rate remaining elevated around 10%, domestic demand is likely to remain soft,” she said.
The GCQ, which started on August 18, has been extended to last until October 31. Prior to this, stricter quarantine measures were in place starting March.
In September, the Philippine Statistics Authority (PSA) reported an unemployment rate of 10% in July, equivalent to 4.6 million jobless Filipinos.