Philippines’ virus losses to breach 10% of GDP

MANILA: Covid-19’s impact on economies will spill over to next year such that the pandemic-induced economic losses in the Philippines would exceed 10% of gross domestic product (GDP) both in 2020 and 2021, especially due to a slow recovery in consumer confidence, according to the Asian Development Bank (ADB).

The Manila-based multilateral lender’s chief economist, Yasuyuki Sawada, told the Asian Development Bank Institute (ADBI) annual conference on Tuesday that across developing Asia, economic losses were estimated to breach 9% of GDP this year, citing the estimates of a forthcoming ADB report titled “The Impact of Covid-19 on Developing Asia: The Pandemic Extends into 2021.”