Fitch said it assumed yields will stay low over the next few years given continued money printing by the Bank of Japan, despite the risk of high debt, leaving the economy vulnerable to future tightening of financial conditions.
A recovery hinges on the government's plan to vaccinate as many as 70 million Filipinos, or two-thirds of the population, this year though supply could delay the timeline.
The German economy suffered its biggest contraction in 2020 since the 2009 financial crash as it was hard hit by unprecedented restrictions imposed to halt the coronavirus.
Taiwan's largest trading partner China registered faster-than-expected economic growth in the fourth quarter of last year, with GDP up 6.5% year-on-year.