Home / Forex News / Philippine Economy Contracts At Fastest Pace Since 1946

Philippine Economy Contracts At Fastest Pace Since 1946

The Philippine economy shrank the most on record in the whole year of 2020 as lockdown restrictions continued to weigh on all sectors, especially trade and tourism. Gross domestic product logged an annual fall of 8.3 percent in the fourth quarter, but slower than the 11.4 percent decline posted in the third quarter, the Philippine Statistics Authority reported Thursday.
Read Full Story