World

Philippine economy to fall 9.2 percent in H2: ANZ Research

ANZ Research predicts that the Philippine economy will fall 9.2 percent in the second half of 2020 as the economy is likely to book a double-digit contraction in the third quarter due to the coronavirus pandemic.
Philippine economy to fall 9.2 percent in H2: ANZ Research ảnh 1In a market in Manila, the Philippines (Photo: AFP/VNA)

Hanoi (VNA) - ANZ Research predicts that thePhilippine economy will fall 9.2 percent in the second half of 2020 as theeconomy is likely to book a double-digit contraction in the third quarter dueto the coronavirus pandemic.

ANZResearch expects the Philippines’ GDP would contract by 11.5 percent in thethird quarter and by 7.1 percent in the fourth quarter.

KanikaBhatnagar, economist at ANZ Research, said as a result, the economy is nowexpected to contract by 9.1 percent this year, a reversal of the six percentgrowth in 2019.

Theeconomy stalled after Luzon was placed under enhanced community quarantine inthe middle of March. The lockdown was relaxed as the National Capital Region(NCR) shifted to general community quarantine in June.

However,Metro Manila and nearby provinces reverted to stricter modified enhancedcommunity quarantine from August 4 to 18 as COVID-19 cases surged.

Theeconomist also cited the unprecedented fall in remittances due to therepatriation of overseas Filipino workers, a surge in unemployment rate to arecord 17.7 percent as well as slow fiscal delivery.

Inaddition, Bhatnagar noted the limited efficacy of monetary policy even if the Philippines’central bank (BSP) slashed interest rates by a cumulative 175 basis points to arecord low of 2.25 percent so far this year and lowered the reserve requirementratio./.
VNA
#Philippine economy#double-digit contraction#ANZ Research#Kanika Bhatnagar#COVID-19 cases#central bank#VietnamPlus#Vietnam news
Follow VietnamPlus

Related News

Philippines eases lockdown measures

Philippines eases lockdown measures

Philippine President Rodrigo Duterte on August 17 decided to ease lockdown measures in and around the capital Manila as his government promised a “refreshed” approach to fighting COVID-19 that includes intensified testing.

See more

At Pulau Seraya power station (Photo: Straitimes)

Singapore begins construction on hydrogen-fueled power plant

Singapore on October 23 began the construction of an 800 million USD power plant that has the capability to use hydrogen to generate electricity, as part of a push to utilise the fuel to reach Singapore’s net-zero carbon emissions target by 2050.

Delegates at the event (Photo: VNA)

125th anniversary of Permanent Court of Arbitration celebrated

The Permanent Mission of Vietnam to the United Nations and missions of the Philippines, Australia, Egypt, Guatemala, Hungary, Thailand, France, Eritrea and Austria, organised a ceremony on October 22 to celebrate the 125th anniversary of the Permanent Court of Arbitration (PCA), as part of the International Law Week at the UN General Assembly's Legal Committee (Sixth Committee).

CEO of the Malaysia Digital Economy Corporation Anuar Fariz Fadzil (Photo: focusmalaysia.my)

Malaysia continues placing emphasis on digitalisation

The Budget 2025 provides significant support to further accelerate Malaysia’s digitalisation, encourage adoption of artificial intelligence (AI) and drive inclusive growth, further positioning Malaysia as a leading digital hub within the ASEAN region, according to CEO of the Malaysia Digital Economy Corporation (MDEC) Anuar Fariz Fadzil.

Malaysia's economic reforms boost investment inflow (Photo: thestar.com.my)

Malaysia's economic reforms boost investment inflow

Malaysia has attracted substantial foreign investments, reaching 22.2 billion MYR (5.16 billion USD) in the third quarter of 2024, the highest level for the same period since 2012, according to UOB's Global Markets and Economics report.

Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN speaks at the debate (Photo: VNA)

Maintaining peace, stability a must for progress on human rights: Ambassador

Progress in human rights can only be achieved by maintaining peace and stability, respecting the rule of law at both the international and national levels, and ensuring respect for the principles of national sovereignty and non-interference in internal affairs, said Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN.

A visitor browses travel promotions at a travel fair in Nonthaburi province. (Photo: Bangkok Post)

Thailand plans enhanced support for domestic tourism

Thailand’s Ministry of Tourism and Sports is aiming to increase subsidy to local tourists in the upcoming stimulus scheme to 50% and would like to change the criteria for online travel agents, mandating them to register in Thailand to avoid losing income to foreign companies.

Oil field offshore Indonesia. (Photo: thejakartapost.com)

Indonesia begins major oil, gas exploration in Sulawesi

Indonesia's state-owned oil company Pertamina, along with foreign partners Sinopec from China and Kuwait’s Kufpec, has signed a contract to explore the Melati oil and gas block, located off the coast of Sulawesi. The block is estimated to contain trillions of cubic feet of gas reserves.