Philippine economy shrinks 1st time in 2 decades
Local youth representatives dressed Stormtroopers and Darth Vader patrol in a wooden boat around a submerged village to remind residents to stay at home. Philippines for the first time in two decades is seeing its economy shrink. – AFP pic, May 7, 2020.
THE Philippine economy contracted for the first time in more than two decades during the first quarter, but officials today warned the worst was likely yet to come as the nation reels from the coronavirus pandemic. Gross domestic product shrank 0.2% in January-March, its worst performance since 1998 during the Asian financial crisis as the Philippines joins a long line of countries to report devastating figures as a result of widespread lockdowns that have shut down economies.
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