Economic Impact of Covid-19 in the Philippines
The COVID-19 pandemic has caused major disruptions in global economic activities and has continued to pose a threat to both lives and livelihoods across the globe. The Philippines has implemented varying levels of restrictions and quarantine rules nationwide since March, leading to economic contractions in the 2nd and 3rd quarters of 2020. As in most of the countries affected by the pandemic, the contraction is due to the subdued private consumption and investment, among others, caused by heightened uncertainties in the global economic recovery. The gradual and calibrated reopening of the Philippine economy hopes to forestall the gloomy growth forecasts while still keeping public health a priority.