Philippines plunges into recession as coronavirus devastates economy, GDP plummets

The Philippines plunged into recession after its biggest quarterly contraction on record, data showed on Thursday, as the economy reels from coronavirus lockdowns that have wrecked businesses and thrown millions out of work.Gross domestic product shrank 16.5 per cent on-year in the second quarter, the Philippine Statistics Authority said, when the country endured one of the world’s longest stay-at-home orders to slow the spread of the virus that has devastated economies globally.It followed a…

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