The Washington-based Institute of International Finance (IIF) sees the Philippine economy contracting by more than 7 percent this year amid a COVID-19-induced global recession, although relatively lower public debt levels will help it bounce back.
In a Sept. 1 report titled “Emerging Market Vulnerability and Contagion,” IIF deputy chief economist Sergi Lanau and economist Jonathan Fortun said that across emerging markets, a combination of low growth, lack of policy space and limited buffers for external financing might make them vulnerable to contagion risks amid the COVID-19 pandemic.
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