snoop1130 Posted December 3, 2020 Share Posted December 3, 2020 Philippines sees deeper-than-expected economic contraction in 2020 By Karen Lema and Neil Jerome Morales FILE PHOTO: A vendor rests in her market stand that sells rice in Quezon City, Metro Manila in Philippines, September 5, 2018. REUTERS/Eloisa Lopez MANILA (Reuters) - The economic damage brought by the coronavirus pandemic on the Philippines is more severe than previously thought, officials said on Thursday, forcing the government to forecast a deeper contraction of 8.5%-9.5% for the year. The Philippine economy, which before the pandemic was one of Asia's fastest growing, is likely to be far worse off this year than the previous forecast of a 5.5% decline, although a strong rebound for the next two years is expected, Budget Secretary Wendel Avisado said in a media briefing. The gradual lifting of coronavirus curbs that dramatically slowed domestic spending and saw record job losses in April should help restore positive growth of 6.5%-7.5% and 8%-10% in 2021 and 2022 respectively. "Further relaxation of restrictions, as we have improved our healthcare system capacity, will keep our economy on the right track towards full recovery," Avisado said. This year's budget deficit is estimated to reach 7.6% of gross domestic product, narrower than its 9.6% forecast previously, Avisado said, courtesy of the government's prudent fiscal policy. The government, which concluded a $2.75 billion global bond sale on Thursday, its third bond offering this year, expects a budget shortfall equal to 8.9% of GDP in 2021 and 7.3% of GDP in 2022. Finance Secretary Carlos Dominguez said in the same briefing the government has the necessary resources "to endure this challenge but we must conserve resources for succeeding rounds". Both chambers of congress have approved a record 4.5 trillion pesos ($94 billion) budget for 2021, part of which will be used to buy COVID-19 vaccines as the government aims to immunize a third of its 108 million population and bring back some semblance of normality. The $370 billion economy fell deeper into recession in the third quarter as coronavirus curbs continue to limit economic activity. -- © Copyright Reuters 2020-12-03 - Whatever you're going through, the Samaritans are here for you - Follow Thaivisa on LINE for breaking COVID-19 updates Link to comment Share on other sites More sharing options...
Ireland32 Posted December 4, 2020 Share Posted December 4, 2020 Dirty Duterte is a Menace Link to comment Share on other sites More sharing options...
Andy from Kent Posted December 4, 2020 Share Posted December 4, 2020 2 minutes ago, Ireland32 said: Dirty Duterte is a Menace Looks like Manny may be wearing a new "Belt" pretty soon. I sure hope so. Link to comment Share on other sites More sharing options...
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