World Bank trims economic growth forecast for Philippines

The three cyclones that hit the Philippines in November in just two weeks brought devastation to a large swath of Luzon island, further darkening the 2020 growth outlook. - AFP

MANILA (Xinhua): The World Bank said on Tuesday (Dec 8) that it has further downgraded its GDP forecast for the Philippines to negative 8.1 per cent this year, citing the "multiple shocks" that buffeted the Southeast Asian country.

"The economic contraction deepened as the Covid-19 pandemic delivered a triple shock to the Philippines," World Bank Senior Economist Rong Qian told a virtual press conference, referring to the Covid-19 health crisis, the typhoons and the global recession.