High COVID-19 Cases Could Pose Threat to PH Economy

Even though countries all over the world are starting to implement the “new normal” way or life, the coronavirus disease 2019 (COVID-19) pandemic is still a threat to every economy.

In the Philippines, COVID-19 cases still continues to elevate, affecting the economy. This prompts the International Monetary Fund (IMF) urged every concerned sector to stem the continuous increase of infection cases.

According to a statement by IMF Director Kristalina Georgieva, the real Gross Domestic Product (GDP) of developing countries like the Philippines, is shrinking by 3.3% this year.

“Several Emerging Markets and Developing Economies (EMDE)s have benefitted from accommodative global liquidity conditions that have triggered a decline in sovereign yields,” Georgieva said.

Recoveries amongst EMDEs are highly uneven, but other countries who have successfully contained the virus might expect a big growth next year.

The Philippines is the 2nd country in Southeast Asia with the most number of COVID-19 cases following Indonesia. (MLC)