MANILA, Philippines — COVID-19’s impact on economies will spill over to next year, such that the pandemic-induced economic losses in the Philippines would exceed 10 percent of gross domestic product (GDP) both in 2020 and 2021 no thanks to slow recovery in consumer confidence, according to the Asian Development Bank (ADB).
The Manila-based multilateral lender’s chief economist Yasuyuki Sawada told the Asian Development Bank Institute (ADBI) annual conference Tuesday that across developing Asia, economic losses were estimated to breach 9 percent of GDP this year, citing the estimates of a forthcoming ADB report titled “The impact of COVID-19 on Developing Asia: The Pandemic Extend…
Keep on reading: ADB: PH pandemic losses to breach 10% of GDP in 2020, 2021