World

Philippine economy shrinks at record amid COVID-19

The Philippines’s gross domestic product (GDP) shrank 9.5 percent in 2020 due to severe impact caused by the COVID-19 pandemic, according to the Philippine Statistics Authority (PSA).
Philippine economy shrinks at record amid COVID-19 ảnh 1A jeepney is seen on a road in Manila, the Philippines, in August 2020 (Photo: Xinhua)
Hanoi (VNA) - The Philippines’s gross domestic product (GDP) shrank 9.5percent in 2020 due to severe impact caused by the COVID-19 pandemic, accordingto the Philippine Statistics Authority (PSA).

This is the sharpest since the PSA startedcollecting data on annual growth rates in 1947.

In 2019, the Philippine economy grew by 6 percent.

PSA’s data shows that in the last quarter of 2020, the Southeast Asian country’sGDP shrank by 8.3 percent year-on-year after a fall of 11.4 percent in thethird quarter.

According to Philippine ActingSocioeconomic Planning Secretary Karl Kendrick Chua, the purchasingpower in the country remained weak and this prevents private consumption from making a stronger comeback.

However, he is still optimistic about the economic outlook of thecountry in 2021, which is forecast to strongly recoverbefore the end of the year when the government launches a large-scale COVID-19vaccination programme.

The Philippines’s GDP is predicted to expand between 6.5 to 7.5 percent in2021./. 
VNA
#gross domestic product #Philippines #COVID-19 pandemic #Philippine economy #private consumption #large-scale COVID-19 vaccination programme #Vietnamplus #Vietnam news #Vietnam News Agency Philippines
Follow VietnamPlus

Related News

Philippines posts highest inflation since March 2019

Philippines posts highest inflation since March 2019

The Philippines saw a year-on-year inflation rate of 3.5 percent in December 2020, up from 3.3 percent in the previous month, driven by price hikes in food and non-alcoholic beverages, the Philippine Statistics Authority (PSA) said.

See more

A house damaged by the earthquake on Flores Island, Indonesia, August 15, 2026. (Photo: Xinhua/VNA)

Indonesia steps up earthquake search, rescue, relief efforts

Indonesia is stepping up search and rescue operations and providing assistance to residents following a 7.7-magnitude earthquake that struck offshore near Flores Island in East Nusa Tenggara (NTT) province on the morning of August 15, the Indonesian news agency Antara reported.

Rescuers search for victims following the earthquake in Flores, Indonesia, on August 15, 2026. (Photo: Xinhua/VNA)

Indonesia earthquake death toll rises, 2,000 evacuated

The earthquake struck off Flores Island near Mbay town in Nagekeo district, East Nusa Tenggara province, triggering strong aftershocks. Several houses and other structures were damaged, while landslides disrupted roads in some areas.

Cambodia moves to keep pace with growing EV market

Cambodia moves to keep pace with growing EV market

A report from the Ministry of Public Works and Transport showed that as many as 6,174 new EVs were registered in the Southeast Asian country during the first half of this year, bringing the total number of officially registered EVs to 15,239.

China-ASEAN trade up over 18% in H1

China-ASEAN trade up over 18% in H1

Trade in intermediate goods, including parts, components and production inputs, rose 24.5% to 2.86 trillion CNY during the period, accounting for around two-thirds of total bilateral trade.

The Petronas Twin Towers in Kuala Lumpur, Malaysia. (Photo: Xinhua/VNA)

Malaysia eyes becoming ASEAN’s AI hub

Malaysia possessed the fundamentals to emerge as ASEAN's digital and AI hub, including its strategic location, strong connectivity, growing digital ecosystem and rising investor confidence, said Digital Minister Gobind Singh Deo.

Malaysia is pursuing a vision of becoming one of the Asia-Pacific’s leading air connectivity hubs. (Illustrative photo: AFP/VNA)

Malaysia eyes regional air transport hub status

Stronger connectivity was essential for the movement of capital and goods, while helping deepen Malaysia's economic ties with major regional centres, said Transport Minister Anthony Loke.

A perspective of the passenger terminal at Long Thanh International Airport in its first phase. (Photo: ACV)

Vietnam, India emerge on Asia-Pacific aviation map

Vietnam is considered one of the most promising markets in Southeast Asia in terms of international visitor numbers and travel demand. The country plans to increase the number of airports to 30 by 2030 to meet the needs of its rapidly growing economy.

At the press conference (Photo: VNA)

Lao Digital Week 2026 slated for October in Vientiane

The event will serve as a major information technology and digital innovation platform, with sidelines events including the Lao Digital Forum; seminars on e-government, digital economy, the fourth industrial revolution and smart technologies.

A Facebook post on the official page of Pasaxon newspaper. (Photo: VNA)

Lao media spotlights late NA President’s deep bond with Vietnam

The article stressed that, regardless of the position he held, Xaysomphone Phomvihane devoted to building a prosperous country and a united society. He maintained a particularly deep concern and sincere affection for the special Laos-Vietnam relationship.