MANILA (Reuters) – The Philippine central bank said on Saturday that the country’s economy would decelerate this year before posting a U-shaped recovery in 2021.
In a statement, the central bank said the Philippine economy, among the fastest growing in Asia under normal circumstances, is expected to shrink by 0.2% in 2020 before bouncing back to about 7.7% as policy support measures gain traction.
The economic recovery would follow a U-shaped path in 2021, following a slowdown in the first quarter and contractions in the next two quarters of this year, central bank Governor Benjamin Diokno said in a statement.
(Reporting by Neil Jerome Morales; Editing by Muralikumar Anantharaman)
