The Philippines is bracing for an even worse-than-expected drop in the gross domestic product (GDP) in the second quarter as the country’s chief economist on Friday said the COVID-19 lockdown inflicted more pain into the economy than earlier projected.
But as the economy gradually opened up under less-restrictive quarantine, Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua told a virtual press briefing that recovery was underway during this third quarter.
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Source: Peso Economics
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