PH economy to shrink 3.6% this year – IMF

The Philippine economy is now expected to contract by more than 3 percent in 2020 owing to the continued impact of the coronavirus disease 2019 (Covid-19) pandemic on the country, the International Monetary Fund (IMF) said on Wednesday.

In its World Economic Outlook update, the Washington, D.C.-based IMF further lowered its economic growth forecast to -3.6 percent from the 0.6 percent it projected in April and its 6.3-percent forecast in July last year.