Connect with us

Hi, what are you looking for?

Economy

Virus hits Philippines outlook most across Southeast Asia

Economists have slashed their 2020 outlook for the Philippines by more than any other Southeast Asian nation as it struggles with one of the region’s worst coronavirus outbreaks.

The forecast for the country’s gross domestic product dropped from a 6.1% expansion at the beginning of the year to an 8.9% contraction, a swing of 15 percentage points, according to the median of estimates compiled by Bloomberg. Thailand is second-worst, at 10.1 percentage points, followed by Malaysia’s 9.8 percentage points.

The Philippines central bank unexpectedly cut policy rates last week to help accelerate the economy’s disappointing recovery amid weak consumption and fiscal spending and as it grapples with the impact of back-to-back typhoons.

“The third-quarter and nine-month year-to-date data show an alarming lack of consumer demand that requires direct fiscal stimulus,” said Patrick Ella, a portfolio manager and economist at Sun Life of Canada Philippines Inc.

While Thailand has contained the spread of the virus, its tourism industry has been gutted by international travel restrictions while weak global demand and a strengthening baht have pummeled exports. The nation’s economy is forecast to shrink 7.1% this year.

Vietnam is expected to suffer the least from the pandemic, with its 2020 growth forecast revised down by 3.9 percentage points to 2.8%, outpacing the 2% forecast for China. — Cynthia Li and Ailing Tan/Bloomberg

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

Global crude oil prices have surged in recent weeks, as more economies reopened and demand increased. — PHILIPPINE STAR/ MICHAEL VARCAS By Luz Wendy...

Economy

Philippine President Rodrigo R. Duterte and Chinese President Xi Jinping attend a signing ceremony held in Beijing, China, Oct. 20, 2016. — REUTERS/NG HAN...

Economy

The government has allowed cinemas to reopen with limited capacity after Metro Manila was placed under Alert Level 3. — PHILIPPINE STAR/ MICHAEL VARCAS...

Economy

By Keren Concepcion G. Valmonte, Reporter SHARE buyback programs enable listed companies to maximize key opportunities to secure better business prospects and stabilize shareholders’...

Economy

By Arjay L. Balinbin, Senior Reporter NLEX Corp., operator of North Luzon Expressway (NLEX) and Subic Clark Tarlac Expressway (SCTEX), expects higher traffic volume...

Economy

1 of 4 The all-new Nissan Almera boasts a sleek yet spacious design that’s vastly more compelling than the homely styling of its predecessor’s....

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

Pfizer Inc on Wednesday raised its 2021 sales forecast for its COVID-19 vaccine by 29% to $33.5 billion, and said it believes people will...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!