Countries having difficulty containing the COVID-19 pandemic like the Philippines will not only experience a deep recession this year but also will suffer from economic damage that may take longer to heal, according to think tank Japan Center for Economic Research (JCER).
In a Dec. 10 report titled “Asia in the coronavirus disaster: Which countries are emerging?” JCER said it expected the Philippines’ gross domestic product (GDP) to shrink by over 8 percent this year.
Economic managers last week projected GDP sliding by a record 8.5-9.5 percent in 2020, poised to be the biggest postwar contraction, no thanks to weak consumer confidence and the still elevated number of COVID-19 case…
Keep on reading: Japanese think tank: Effect of virus on PH economy to linger