The tighter restrictions imposed to contain the recent surge in COVID-19 infections could result in a “double-dip recession” in the Philippines, UK-based Pantheon Macroeconomics said on Tuesday.
“The second wave of COVID-19 in the Philippines has forced a U-turn in the government’s reopening plans, threatening the durability of the recovery heading into the second quarter,” Pantheon Macroeconomics senior Asia economist Miguel Chanco said in a report titled “The Philippines is Facing a Real Risk of a Double-Dip Recession.”
“The most economically debilitating curbs include a ban on indoor dining and mass gatherings—an area which had enjoyed some relaxation only recently in mid-Febr…
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