The Philippines fell off a cliff in the second quarter as the world’s longest and most rigid lockdown choked the economy to its worst performance since the darks years of the Marcos administration.
“Gross domestic product declined by 16.5 percent in the second quarter of 2020. This is the lowest reported quarterly growth starting in the 1981 series,” said National Statistician Claire Dennis Mapa in a briefing on August 6.
She said this was “partly because of the lockdown. You’re seeing drop in the sectors. We’re seeing that because of the April, May lockdown.”
Almost all economic activity grounded to a halt as President Rodrigo Duterte and his military-led anti-COVID task force Metro Manila and Luzon.
This is the second negative growth of the GDP after the economy dropped .7 percent in the first quarter. Overall, the economy nosedived by nine percent.
The steep economic drop in the last three months is worse erased the previous record of minus 107 percent in the third quarter of 1984 when the country was embroiled in political uncertainty, soaring inflation, and a debt crisis.
The Philippines is also the worst among the major economies in Southeast Asia based on second quarter GDP:
1) Philippines -16.5%
2) Singapore -12.6%
3) Indonesia -1.8%
4) Thailand -.3%
5) Malaysia -.2%
6) Vietnam +.4%
By: Bilyonaryo.com.ph
Source: Peso Economics
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