Philippines economy suffers deepest contraction and plunges into recession

  • Date: 06-Aug-2020
  • Source: The National
  • Sector:Economy
  • Country:GCC
  • Who else needs to know?

Philippines economy suffers deepest contraction and plunges into recession

The Philippine economy suffered its deepest contraction on record in the second quarter and revised down its forecast for the year amid one of Asia's strictest lockdowns against the coronavirus.

Gross domestic product shrank