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).
A jeepney is seen on a road in Manila, the Philippines, in August 2020 (Photo: Xinhua)This is the sharpest since the PSA started collecting 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’s GDP shrank by 8.3 percent year-on-year after a fall of 11.4 percent in the third quarter.
According to Philippine Acting Socioeconomic Planning Secretary Karl Kendrick Chua, the purchasing power 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 the country in 2021, which is forecast to strongly recover before the end of the year when the government launches a large-scale COVID-19 vaccination programme.
The Philippines’s GDP is predicted to expand between 6.5 to 7.5 percent in 2021./.
You should also see
Government’s action programme cracks down on illegal fishing
A raft of measures to deal with illegal, unreported and unregulated (IUU) fishing is included in the Government’s freshly issued action programme as the country is striving to clamp down on illegal fishing, or else it will be hit by the European Commission (EC)’s warning card.
See more
World
Ten crew members killed after two Malaysian navy helicopters collide
Ten people have died after two navy helicopters collided in mid-air during a military rehearsal for a Royal Malaysian Navy parade.
World
Indonesian Constitutional Court rejects petitions against presidential election results
The Indonesian Constitutional Court on April 22 rejected all petitions regarding the country’s presidential election results filed by two presidential candidates - Anies Baswedan-Muhaimin Iskandar and Ganjar Prabowo-Mahfud M.D.
ASEAN
ASEAN youth empowered to unleash potential: ASEAN chief
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
World
Malaysian official urges collective efforts in plastic waste fight
A Malaysian official has underlined the importance of collective efforts, particularly by the public, in promoting the use of reusable bags and reducing single-use plastics in the fight against plastic waste.
World
Malaysia attaches importance to high-quality investments, start-ups
Six Malaysian ministers on April 22 made a joint commitment to ensure a coherent approach to achieve the goal of the Kuala Lumpur 20 Summit 2024 (KL20 summit 2024) to make Malaysia a vibrant hub for startups and high-quality investments.
