Inquirer
PH slipped into economic recession in first half of 2020
The Philippines has officially entered a recession, marking the first economic downturn since 1998.
The country's Gross Domestic Product (GDP) contracted by -0.2% in the first quarter of 2020.
Economic contraction is expected to have deepened in the second quarter due to the severe impact of COVID-19 lockdowns on production sectors.
The global economy is also facing a significant downturn, with major international financial institutions forecasting contractions.
The government had initially projected a GDP decline of 2-3.4% for 2020, though some economists anticipate a more severe contraction.
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News Sources
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The International Monetary Fund (IMF) has revised its economic outlook for the Philippines, now projecting a 3.6 percent contraction in the country's gross domestic product (GDP) for 2020.
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The Philippine economy is projected to contract by 3.5 to 4 percent in 2020, marking the fastest decline in 35 years due to the COVID-19 pandemic.
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President Rodrigo Duterte stated that the Philippines cannot afford a total reopening of its economy due to the ongoing COVID-19 pandemic and a recent spike in cases, warning that it could lead to a surge in infections and put the country in a difficult situation.
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