Philippines Q1 GDP

The Philippine economy is likely to grow close to 6.3% in the first quarter of 2020, considering factors such as the coronavirus, the International Monetary Fund reported.

“We expect the quarter growth to be around that range,” IMF Resident Representative Yongzheng Yang said a press conference in Manila.

In November last year, the IMF upgraded its 2020 growth outlook for the country to 6.3%, up from the 6.2% it announced in October.

“China is one of the largest sources of tourism for the Philippines so that is going to be negatively affected,” according to Yang. “The other impact would be on the global value chain,” he added.

The coronavirus has so far infected some 42,000 individuals globally and killed over 1,000 in mainland China.

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