PH posts worst recession in 2020

By: Ben O. de Vera - Reporter / @bendeveraINQ - Inquirer.net | January 28,2021 - 12:23 PM

MANILA, Philippines — The COVID-19 pandemic and natural disasters such as the Taal volcanic eruption and a string of strong typhoons have inflicted the Philippines’ worst post-war recession in 2020, with the economy shrinking by a record 9.5 percent.

National Statistician Claire Dennis Mapa told a press conference Thursday that gross domestic product (GDP) fell 8.3 percent year-on-year during the fourth quarter.

The actual full-year outturn reached the upper end of the government’s estimates of GDP contracting by 8.5-9.5 percent last year.

Last year’s recession cut short 21 straight years of economic growth after the 0.5-percent full-year GDP decline in 1998, at the height of the Asian financial crisis.

Prior to 2020, the previous worst recession was in 1984, when the economy shrank by 7 percent during the waning years of the Marcos dictatorship saddled with a debt crisis.

For more news about the novel coronavirus click here.
What you need to know about Coronavirus.
For more information on COVID-19, call the DOH Hotline: (02) 86517800 local 1149/1150.

The Inquirer Foundation supports our healthcare frontliners and is still accepting cash donations to be deposited at Banco de Oro (BDO) current account #007960018860 or donate through PayMaya using this link .

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

Read Next

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of Cebudailynews. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

TAGS: COVID-19 pandemic, natural disasters, recession, typhoons

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.