Philippines Announces Economic Recession Due to CoronaVirus Pandemic
Philippines is officially experiencing a recession due to the coronavirus pandemic. The statistical authority recorded an economic shrinkage of 16.5 percent in the second quarter of this year.
The updates on the financial downturn was reported by the Philippine Statistics Authority on Thursday (6/8), considering the current condition the greatest decrease in (GDP) information since 1981.
The nation recorded a GDP shrinkage of 16.5 percent all through April to June quarter. Then, in the past quarter, GDP shrunk by 0.7 percent.
Why Philippines Can Get Into A Recession
The monetary constriction happened because of the tight lockdown framework set up to smother the spread of the Covid in the nation.
Counting, the conclusion of various business exercises and the lockdown renewed intro...