The Philippine economy will likely contract by more than 8 percent this year and is expected to start to recover in the latter part of 2022 at the earliest, a former Cabinet official said on Monday.
During the Pilipinas Conference 2020, former National Economic and Development Authority (NEDA) secretary Ernesto Pernia said he expects the country’s gross domestic product (GDP) to decline by 5.0 percent in the fourth quarter and contract by 8.5 percent for the whole year.
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