An improvement in economic performance is expected to continue even if it remains in contraction in the fourth quarter of 2020 while positive growth can start only next year.
In a virtual briefing Tuesday, Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said he forecasts the fourth-quarter output to stay between -8 to -9 percent while it is projected to range between 6 to 7 percent next year.
“The estimate for this year is somewhere between -9.5 percent to -7 percent,” he said.
The government on Tuesday reported that growth, as measured by gross domestic product (GDP), posted an -11.5 percent print in the third quarter, better than the -16.9 percent in the previous quarter.