April 25, 2020 / 6:57 AM / a month ago

Philippine c.bank sees economy easing in 2020, U-shaped recovery in 2021

MANILA, April 25 (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)

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