Philippines’ GDP likely slid 18% in Q2, says Capital Economics

Capital Economics senior Asia economist Gareth Leather told the Inquirer in an email last Friday that their projection showed the Philippines’ GDP shrank by 18 percent year-on-year, which he described as “one of the biggest in the region,” during the April to June quarter.

“Countries heavily dependent on tourism, such as Thailand, or which experienced long lockdowns like the Philippines, will have seen GDP fall 15-20 percent year-on-year last quarter,” Leather said in a July 24 report titled “Rupiah worries resurface, Korea’s ‘modest’ slowdown.”