Philippines economy shrinks 4.2% in first quarter | The Guardian Nigeria News - Nigeria and World News

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The Philippine economy shrank in the first three months of the year as coronavirus restrictions suppressed activity, but a top official said there were signs the country was 'on the mend'.

FILE PHOTO: Philippine President Rodrigo Duterte gestures during his fourth State of the Nation Address at the Philippine Congress in Quezon City, Metro Manila, Philippines July 22, 2019. REUTERS/Eloisa Lopez/File Photo

The number of infections has surpassed a million in the Philippines — the second-highest virus caseload in Southeast Asia — where authorities have used crippling lockdowns to ease pressure on overstretched hospitals. “The latest economic performance shows the limits of economic recovery without any major relaxation of our quarantine policy,” Socioeconomic Planning Secretary Karl Chua told a briefing.

“These are improvements that will support our recovery towards our growth trajectory or target of 6.5 to 7.5 percent ,” he added — assuming vaccinations “ramp up in the middle of the year”.

 

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