Philippines Sees 5.5% GDP Contraction This Year, Worse Than Initially Projected​



MANILA (Reuters) - The Philippine economy is now expected to contract by 5.5% this year, deeper than initially thought, after it suffered a worse-than-expected slump in the second quarter, Acting Economic Planning Secretary Karl Chua said on Thursday.

The Southeast Asian nation's economy plunged into recession in April-June for the first time in 29 years as economic activity was hammered by one of the world's longest and strictest coronavirus lockdowns, and cases have continued to soar.

The government had initially projected this year's GDP would shrink by 2.0%-3.4%.

X
5s