May 13, 2020 / 1:52 AM / 20 days ago

Philippine economy to shrink 2%-3.4% in 2020

MANILA, May 13 (Reuters) - The Philippine economy is expected to shrink between 2% and 3.4% this year as measures to contain the spread of the novel coronavirus weigh on domestic demand and investments, the government said on Wednesday.

The Philippine government said it expected a rebound in 2021, with the economy growing between 7.1% and 8.1%, supported by an economic recovery programme to mitigate the impact of the pandemic. (Reporting by Neil Jerome Morales and Karen Lema; Editing by Tom Hogue)

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