PhilStar-Aug 7

The country plunged into a recession in the second quarter of the year, with output contracting by a record 16.5 percent after a months-long government-enforced lockdown paralyzed 75 percent of the economy. This was the worst quarterly slump on record since the contraction of 10.7 percent in the third quarter of 1984 and 10.5 percent in the first quarter of 1985. After a downward revision of first quarter economic decline to 0.7 percent, first half contraction could average around nine percent, Philippine Statistics Authority head Dennis Mapa said yesterday. “The Philippine economy crash-landed into recession with the Q2 GDP (gross domestic product) meltdown showcasing the destructive impact of lockdowns on the consumption-dependent economy,” said ING senior economist Nicholas Antonio Mapa.

The country’s second quarter decline was steepest among neighboring Asian countries that also reported declines during the quarter such as Indonesia, Thailand, Singapore, Hong Kong and Malaysia.

Read more at: https://www.philstar.com/headlines/2020/08/07/2033483/philippines-economy-crash-lands-recession