Philippines plunges into recession as economy shrinks 16.5% in Q2

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Philippines plunges into recession as economy shrinks 16.5% in Q2

The Philippines has posted its worst economic slump on record, plunging the country into its first recession in nearly three decades. Q2 GDP plunged 16.5% from a year ago. Economic activity has been battered by strict COVID-19 lockdown measures. The government is now expecting the economy to contract 5.5% in 2020, worse than initial projections.

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