The regional lender expects the economy to shrink by 7.3% or nearly double the projected 3.8 percent drop.
“The growth projection for 2020 is downgraded after steep contraction in private consumption and investment drove a sharp recession in the first half of 2020,” the ADB said in its latest report.
“Widespread and stringent lockdowns to contain the spread of COVID-19 in the community impeded economic activity,” it added.
Government officials need to up their game if they want the Philippine economy to return to growth.
The ADB also sees private investments and trade slowing down this year.
Assuming the virus is contained, the ADB expects the Philippine economy to rebound to 6.5% next year.