Global financial bodies and credit rating agencies expect the Philippine economy to recover in 2021 following the careful resumption of business activities this year, but the Covid-19 crisis keeps this far from certain.
Multilateral institutions see domestic output shrinking by between 1.9 percent and 7.3 percent this year before bouncing back. The International Monetary Fund (IMF) in particular has forecast a 3.6 percent contraction for 2020 after the pandemic disrupted supply chains here and overseas.
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