Filipinos, already struggling with the aftermath of Typhoon Haiyan, are now facing the possibility of economic collapse.
Military and economic experts say the storm is a perfect storm of economic shock.
The storm is expected to bring a shock to the economy, and the country’s leaders have little time to react.
President Rodrigo Duterte is already blaming the country for the crisis, and is demanding a new election, in which the government would hold a runoff.
Duterte said he is “not prepared to go to the polls” as long as the economy is in such a mess, and that the country is in “complete shock.”
The president has been under pressure to address the crisis since the typhoon struck, and he made clear that the next few weeks will be critical for his survival.
He told reporters Thursday that he will take the presidency as the country goes through a period of “shock.”
While Duterte said he will run for president again in 2022, he has not said what will happen in the meantime.
He has been on a crusade against the communist rebels who have fought the Philippine government since it was founded in 1946.
President Benigno Aquino III has been trying to address problems with the economy since he took office in 2016, and Aquino has called on Duterte to “get the economy back on track” and stop his crusade.
The economy was already struggling to cope with Typhoon Haiya, and there are concerns the economic impact will only worsen with the typhoons continued ravaging the country.
The government said it expects economic growth to be around 1 percent this year.
It expects the economy to grow 3.4 percent this fiscal year and 4.6 percent in 2018.
But there are also concerns about inflation, with some economists forecasting inflation of 2 percent or more this year and a potential rise of up to 3 percent next year.