Philippines to be Worst Performer in Southeast Asia in 2020

The Asian Development Outlook (ADO) Supplement report, prepared by Asia Development Bank (ADB), anticipates the Philippine gross domestic product (GDP) to contract by 8.5%, agreeing with the forecast by the Philippine government’s economic team predicting a country-wide economic contraction of 8.5-9.5%.

ADB said in the statement “The GDP forecast for 2020 is downgraded to 8.5% contraction because household consumption and investment have fallen more than expected,”

“The Philippine economy contracted by 10.0% in January–September 2020, reflecting muted consumer and business activity and confidence under the pandemic,” ADB added.

Yasuyuki Sawada, ADB Chief Economist, said “A prolonged pandemic remains the primary risk, but recent developments on the vaccine front are tempering this. Safe, effective, and timely vaccine delivery in developing economies will be critical to support the reopening of economies and the recovery of growth in the region,”

ADB Economic Outlook for Southeast Asian Countries:

(Country, GDP growth)

Vietnam, +2.3%

Indonesia, -2.2%

Malaysia, -6.0%

Singapore, -6.2%

Thailand, -7.8%

Source: BusinessWorld