Economics
Philippine Economy’s Best-Case Scenario Is Zero Growth, Finance Chief Says
- No growth seen as best-case scenario amid blow from the virus
- President says government may have to consider asset sales
This article is for subscribers only.
Philippines Finance Secretary Carlos Dominguez said the best-case scenario for the economy this year is zero growth, while the government’s massive spending to fight the pandemic will bloat the budget deficit.
Gross domestic product could shrink by as much as 1% -- its first contraction in more than two decades -- while the budget deficit may widen to 5.3% of GDP, from a target of 3.2% last year, Dominguez said in a televised briefing alongside President Rodrigo Duterte and other officials.