Much has already been said about the impact and threat that the pandemic increasingly poses to our economy. The sectors most at risk include tourism, manufacturing in particular exports of textile, wholesale and storage, business and administrative activities, ICT/BPO, transportation amongst others. These sectors account for nearly 40 per cent of GDP.
The contraction in output this year will be severe and we have estimated that the economy could contract between 7.5% and 15%. The Bank is monitoring the situation closely.