Philippine GDP likely shrank by 14.3% in Q2; to contract 6.9% for full year, says Oxford Economics

MANILA, July 23 (Philippine Daily Inquirer/ANN) - The Philippines’ gross domestic product (GDP) likely slid by a hefty 14.3 percent year-on-year in the second quarter as the economy took a beating from one of the most stringent Covid-19 lockdowns in the region, a global forecasting services provider said.

UK-based Oxford Economics’ second-quarter GDP forecast, provided by its head of India and Southeast Asia economics Priyanka Kishore to the Inquirer on Tuesday, would bring full-year contraction to 6.9 percent or the same level as in 1985.