The Philippines is no longer the “sick man of Asia,” but its economy is showing troubling signs of a relapse at the very worst moment as Covid-19 slams the region.
The World Bank sees its economy contracting 8.3% in 2020, more than double the 3.6% drop the lender predicted four months ago. Sister institution the International Monetary Fund thinks President Rodrigo Duterte’s nation will be left “significantly scarred” for years to come.
