Share this contentMANILA: The Philippine economy plunged by much more than expected in the second quarter, falling into recession for the first time in 29 years, as economic activity was hammered by one of the world's longest and strictest coronavirus lockdowns.
The economic hit from the pandemic could worsen with the government reimposing tighter quarantine controls in the capital Manila and nearby provinces for two weeks from Tuesday amid resurging coronavirus cases. "With record-high unemployment expected to climb in the coming months, we do not expect a quick turnaround in consumption behaviour, all the more with COVID-19 cases still on the rise."Some businesses have been ordered shut and movement restricted again in Manila and nearby provinces, which accounts for a quarter of the country's population and most of its economic activity.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Manila walks fine line between Beijing and Washington in South China SeaUnder its vocally anti-American President Rodrigo Duterte, the Philippines has emerged as a focal point between China and the US in their continuing contest for dominance in the region.After years of cosier ties between Manila and Beijing, at the expense of the Philippines’ traditional alliance with
Source: YahooSG - 🏆 3. / 71 Read more »
Asia Today: Manila back under lockdown as virus cases surgeCommuter trains, buses and other public vehicles stayed off the main roads of the Philippine capital Tuesday and police were again staffing checkpoints to restrict public travel as surging virus cases forced another lockdown. Officials deployed dozens of shuttle buses, along with army trucks, to ferry
Source: YahooSG - 🏆 3. / 71 Read more »
Worst US GDP on record has sizeable impact on Japan and global economy: Yomiuri ShimbunIn its editorial, the paper says that a delay in the recovery of the US market may have a negative impact on employment in Japan's extensive auto industry.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
Philippines plunges into recession as GDP falls by most ever amidst coronavirus pandemicMANILA (BLOOMBERG) - The Philippine economy suffered its deepest contraction on record in the second quarter amid one of Asia's earliest and longest lockdowns against the coronavirus pandemic.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
Philippines posts record daily rise in coronavirus cases, could become South-east Asia's new epicentreThe grim news came on the first day of a tough new lockdown that will confine some 27 million to their homes for two weeks.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
Philippines confirms 3,462 new COVID-19 cases, 9 deathsThe Philippines' health ministry on Wednesday reported 3,462 new coronavirus infections and nine additional deaths.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »