Worst is over for Philippine economy despite 7.3% contraction forecast for 2020: ADB

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Tue, 2020-09-15 15:46

DUBAI: The worst is probably over for the Philippines despite a steeper GDP contraction projected for it this year, as the coronavirus pandemic hit not only the Southeast Asian country but the global economy as well.

The Philippine economy is forecast to contract by 7.3 percent in 2020 before growth returns to 6.5 percent next year, according to a new report from the Asian Development Bank (ADB).

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