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MANILA, December 8, 2020— The multiple shocks that hit the Philippines – the COVID-19 health crisis, economic activities across the country frozen by quarantine measures, devastating typhoons in November, and the global recession – will likely shrink the economy by 8.1 percent in 2020, temporarily reversing gains made in poverty reduction in recent years. Sustained improvements in managing the pandemic and a possible rebound in the global economy, however, can help the country recover in 2021 and 2022.

PA BRAINLIEST PO

PA FOLLOW PO KUNG NAKATULONG ANG AKONG SAGOT THANK U

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First, I will go through recent economic developments and trends. Second, I will share some views on the likely path of the economy, keeping in mind the highly uncertain environment we are in now.