Philippines' economy contracts 9.5% in 2020

The Philippines’ economy shrank 9.5 percent in 2020 as coronavirus pandemic-induced restrictions caused a slump in economic activities, preliminary official data showed Thursday. It was the worst year-on-year contraction in its gross domestic product since 1947, when comparable data first became available. In 2019, the Southeast Asian country’s GDP grew 6.0 percent. The economy shrank 8.3 percent in the final quarter of 2020 from a year earlier, even though that was an improvement from the third quarter, which saw GDP contract by 11.4 percent. “Private consumption remained weak,” acting Secret…

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HEDGE accordingly