PH’s economy will contract more than 6% in 2020 – The Manila Times

On Tuesday, the World Bank lowered its forecast for the Philippines’ economic growth for 2020 to -6.9 percent from -1.9 percent, which it said would slow the country’s progress in reducing poverty in recent years. years.

In its report “From Containment to Recovery – October 2020 World Bank Economic Update for East Asia and the Pacific,” the World Bank said the economy is projected to recover and grow 5.3 percent in 2021 and 5.6 percent in 2022.

“Economic growth averaged 6.6 percent from 2015 to 2019, the result of prudent macro-fiscal management, significant investments in infrastructure and human capital, and favorable external conditions. Consequently, strong household income growth reduced the national poverty rate from 23.5 percent in 2015 to 16.7 percent in 2018, ”the World Bank said.

“The impact of Covid-19 is now abruptly pushing the economy into recession and threatening these economic and social gains. The pandemic has caused a decrease in remittances sent by Filipino workers abroad and the loss of jobs caused by strict containment measures, ”he added.