Asian Economy: Overview, Growth and Development.

Byline: S. Kamal Hayder Kazmi

SandP Global Ratings expects the Philippine economy to shrink by 2 percent this year - a sharp revision from its 4.2 percent growth estimate given in March - as the world comes to grips with the human and economic price of the novel coronavirus pandemic.

The debt watcher had projected a baseline 6 percent gross domestic product (GDP) growth for the country in December, long before the coronavirus disease 2019 developed into a global health crisis.

The expected contraction compares with the flat growth or a contraction of as much as 1 percent estimated by Finance Secretary Carlos G. Dominguez before the one-month Luzon-wide lockdown was extended until April 30.

"There are no shortcuts, no silver bullets to help us understand what the human and economic price of the COVID-19 pandemic will be," SandP said in a report dated April 16.

"Only with experience and data can we learn the key lessons, among them: how long lockdowns need to last, how economies can reopen before a lasting medical solution is found, and what lasting imprint this episode will leave across the global economy," it added.

"Tracking this crisis...