GDP News The World Bank cuts global GDP outlook for 2020 The World Bank has cut its global GDP growth forecast for 2020 due to the ongoing coronavirus pandemic. The World Bank now expects the global economy to contract by 5.2 percent this year, a downgrade from its April forecast of a 3 percent contraction. The World Bank said that the pandemic had caused “an unprecedented shock” to the global economy and “far-reaching economic, social, and political consequences.” The bank warned that the global economy could face a significant risk of a “protracted recession” if the pandemic is not contained. It also warned that the economic impact of the pandemic could have long-lasting effects on the wellbeing of individuals and societies. The World Bank also warned that the global economic recovery could be “sluggish” and “uneven” as countries struggle to contain the virus and address the economic fallout. It emphasized the importance of continued fiscal and monetary policy support to help countries and businesses weather the crisis. The World Bank also highlighted the need for an effective international response to the crisis, including an “ambitious” and “coordinated” global effort to
THE WORLD BANK maintained its Philippine gross domestic product (GDP) growth outlook for this year and 2024. In its latest Philippine Economic Update, the multilateral lender said it expects GDP to expand by 5.6% this year and by 5.8% next year, unchanged from its projections last October. The World Bank’s forecasts are below the government’s […]
THE EXPECTED SURGE in household spending during the holiday season may not be enough to ensure that Philippine annual gross domestic product (GDP) growth will hit the government’s 6-7% target, analysts said.