• Home
  • World
  • Philippine economy contracts for first time since 1998

Philippine economy contracts for first time since 1998

Manila, Policenama Online – The Philippine economy contracted 0.2 per cent in the first quarter of 2020 amid the strict COVID-19 lockdown measures, making it the first plunge since 1998, according to officials data on Thursday.The data published by the Philippine Statistics Authority showed that the country’s GDP fell 0.2 per cent compared to the median growth forecast of 2.9 per cent between January and March 2020, reports Efe news.It the fourth quarter of 1998, the economy contracted 3 per cent during the worst financial crisis experienced by Asia.

The strict lockdown measures has been imposed on the island of Luzon, where half of the country’s population lives – some 57 million habitants – and which contributes to 70 per cent of the national GDP.The 0.2 per cent decline contrasts with the 5.7 percent growth in the same quarter of 2019 and from the 6.7 per cent of the previous quarter of October to December 2019.

National Economic and Development Authority Secretary Karl Chua said that the Philippines was working on a recovery plan to resume the growth levels it was at before the pandemic and added that the global economy was facing its toughest challenge since the Great Depression.Chua added that the eruption of Taal volcano – some 80 km south of Manila – in January also had a negative impact of the economy as it had led to airports being shut down and flights cancelled.

The Philippines has confirmed 10,004 cases of COVID-19, with 658 deaths and 1,506 patients recoveries. The number of fresh cases being reported every day is witnessing a gradual drop, which could result in easing of the strict lockdown measures from May 15 onwards and resumption of economic activities.

Releated Posts

Sullivan in Ramallah to discuss revamped Palestinian authority, future of Gaza

Washington, Dec 15 (UNI)- White House National Security Advisor Jake Sullivan during a visit to Ramallah on Friday…

ByBynageshsuryaDec 15, 2023

Ex-FBI agent receives 50-month sentence for work with Russian businessman

Washington, Dec 15 (UNI)- Former FBI Special Agent Charles McGonigal has been sentenced to more than four years…

ByBynageshsuryaDec 15, 2023

Satanic Temple says Baphomet display in Iowa capitol building destroyed beyond repair

Washington, Dec 15 (UNI)- The Satanic Temple of Iowa said that their public display of the deity Baphomet…

ByBynageshsuryaDec 15, 2023

US Treasury Secretary says will visit China next year

Washington, Dec 15 (UNI)- US Treasury Secretary Janet Yellen, during remarks at a US-China Business Council dinner, said…

ByBynageshsuryaDec 15, 2023

Leave a Reply

Philippine economy contracts for first time since 1998

Discover more from पोलीसनामा (Policenama)

Subscribe now to keep reading and get access to the full archive.

Continue reading