Amid weak recovery in consumer confidence and spending, the Asian Development Bank (ADB) further downscaled its outlook for the Philippines, saying the economy will suffer from a steeper drop of 8.5 percent this year.
The Manila-based lender’s latest forecast contained in its Asian Development Outlook Supplement report for December 2020 released on Thursday showed less optimism than the projection just last September of a 7.3-percent sagging.
Among multilateral institutions, the ADB’s projected decline in the Philippines’ gross domestic product (GDP) was the biggest, compared with Washington-based International Monetary Fund’s and World Bank’s 8.3 percent and 8.1 percent, respectiv…
Keep on reading: ADB: PH economy bound for bigger contraction this year