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Economy

Philippines plunges into recession as economy shrinks 16.5% in Q2

Latest lockdown dampens hopes for strong near-term recovery

Jeepney drivers who lost livelihoods amid the coronavirus outbreak look for financial help along a Metro Manila roadside on July 30.   © Reuters

MANILA -- The Philippine economy shrank a record 16.5% in the second quarter, the country's statistics agency said on Thursday, throwing the nation into a technical recession.

The April-June gross domestic product figure covers economic activity during the peak of the initial lockdown to combat the spread of coronavirus, which was imposed in mid-March before being eased in June. It is much worse than the 9.0% contraction forecast in a Reuters poll.

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