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Economy

Coronavirus snaps Philippines' 21-year growth streak

First quarter GDP shrinks 0.2% as technical recession looms

The Philippine economy has fallen into its first contraction since the fourth quarter of 1998, which came a year after the Asian financial crisis and during an El Nino drought.   © Reuters
CLIFF VENZON, Nikkei staff writer | Philippines

MANILA -- The Philippine economy contracted 0.2% in the first quarter through March as travel restrictions and lockdowns crippled business activity and household consumption.

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