For now, ING does not see this phenomenon resulting in a global recession, as its assumes that the outbreak would be contained, overseas infections would be relatively low and that it will largely remain a China and a bit of Asian phenomenon, Rob Carnell, ING head of research for Asia-Pacific, said in a briefing on future.
In the case of the Philippines, ING Philippine economist Nicholas Mapa projected that coronavirus would shave roughly 0.2 percentage points to gross domestic product to 6.4 percent from the previous outlook of 6.6 percent.
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