PhilStar-Jan 28

The Philippine economy expectedly shrank the largest on record last year after the coronavirus pandemic messed not only with the country’s hard-earned economic laurels but also with its ambitions to become a middle-income economy under President Rodrigo Duterte. The health crisis’ impact was so severe that the slump in gross domestic product (GDP), which hit 9.5% year-on-year, beat even the previous record of 7% contraction during the twilight years of Marcos dictatorship 1984. Going way back, last year’s performance was the worst since records started in 1946. Worse, scars left by the coronavirus and lockdowns it proliferated are likely to linger in the economy.

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https://www.philstar.com/business/2021/01/28/2073670/coronavirus-pummels-philippines-worst-crash-record