As a result of this health crisis, the IMF projected that the global economy would plunge by 4.9 percent in 2020. Based on Philippine authorities, the economy will contract by 2.0 to 3.4 percent this 2020. ed sustained economic growth, averaging at above 6 percent for the past eight years. We entered into this crisis from a position of strength.
Inflation was low and stable. Our external payments position was robust, gross international reserves were at a record-high, debt-to-GDP was low, public finances was healthy, and macroeconomic performance was positive. Philippine banks continue to be well-capitalized, stable, and well-functioning across all metrics. But no one could have imagined the impact of COVID-19.