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Economy

Philippines warns of worst postwar GDP contraction due to COVID

Forecast flags deeper-than-expected decline of up to 9.5% before rebound in 2021

A man fixes his mask as he walks past a mural dedicated to health care workers fighting the coronavirus in Manila.   © Reuters

MANILA -- The Philippine economy is on course for its worst annual contraction of the postwar era, due to lengthy coronavirus lockdowns, President Rodrigo Duterte's economic team projected on Thursday.

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