Philippine economy to shrink 2%-3.4% in 2020

MANILA — The Philippine economy is expected to shrink between 2% and 3.4% this year as measures to contain the spread of the novel coronavirus weigh on domestic demand and investments, the government said on Wednesday. 

The Philippine government said it expected a rebound in 2021, with the economy growing between 7.1% and 8.1%, supported by an economic recovery program to mitigate the impact of the pandemic.