[Asia Economy Reporter Kim Eunbyeol] The Philippines recorded an economic growth rate of -16.5% in the second quarter (April to June), marking the worst performance in history.
According to Bloomberg and other sources on the 6th, the Philippine Statistics Authority announced that the country's gross domestic product (GDP) in the second quarter of this year decreased by 16.5% compared to the same period last year. This is the lowest performance in 40 years since the authorities began compiling quarterly GDP statistics in 1981.
Previously, the Philippines' GDP growth rate for the first quarter (January to March) was -0.7%. Accordingly, the authorities forecast that the overall GDP growth rate for this year will reach a severe -5.5%, worse than the initially predicted -2.0 to -3.4%.
As COVID-19 spread, the Philippines locked down the capital Manila from mid-March and implemented strict social distancing measures for 78 days. On June 1, to revive the economy, the quarantine level in high-risk areas such as Manila was eased to 'General Community Quarantine (GCQ),' but as confirmed cases surged, a modified enhanced community quarantine (MECQ) was reimposed on Manila and surrounding areas from the 4th.
Meanwhile, the cumulative number of COVID-19 cases in the Philippines reached 119,460, approaching 120,000. It surpassed Indonesia (118,753 cases), which had the highest number of confirmed cases in Southeast Asia until now. On the same day, 28 additional deaths were reported, bringing the total to 2,150.
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