At the beginning of 2020, the Philippines’ economy was amidst its 84th quarter streak of growth, but since, household spending has collapsed as shell-shocked consumers are still not buying. This is why we expect a protracted downturn and this scenario traces a bumpy L-shape, translating into a new growth trajectory of 3.7% over the next two years.
Philippines: Entering a lower growth trajectory?
At the beginning of 2020, the Philippines’ economy was amidst its 84th quarter streak of growth, but since, household spending has collapsed as shell-shocked consumers are still not buying. This is why we expect a protracted downturn and this...