THE Philippine economy is projected to fall into recession this year due to the effects of the coronavirus disease 2019 (Covid-19) pandemic, Fitch Solutions said on Monday.
In a report, Fitch Solutions said it forecasts the Philippine economy to contract by 2.0 percent, down from its previous projection of 0.5 percent growth.
“We at Fitch Solutions expect the Philippines economy to fall into recession in 2020, as the Covid-19 outbreak and resultant containment measures take their toll on economic activity,” said Fitch Solutions.
“Key to our revision is an expectation for household consumption to prove vulnerable through the year on the back of a worsening outlook for household incomes and lower confidence,” added Fitch Solutions.
Share This Post
