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What is Philippine Economy Faces Deep Recession about?

The Philippine economy entered its longest recession since the 1980s as GDP shrank 4.2% in the first quarter of 2021, the 5th consecutive quarter of contraction. Massive layoffs and business closures resulted from prolonged lockdowns. While government spending on infrastructure increased, consumption declined sharply as unemployed workers could only afford essentials. Private economists expect further contraction in the 2nd quarter as Metro Manila endured stricter quarantine. However, the chief economist re

Author

Klare Jimeno

Language

EN