The Philippines has been enjoying strong economic growth and is considered as one of the fastest growing economies in Asia with real GDP growing on average 6.3 % over the ten years to 2019. However, the onset of the COVID-19 pandemic brought the country’s economy into recession breaking almost three decades of uninterrupted growth. The Philippines economy had withstood the Asian financial crisis and the recent global financial crisis.
The Philippines has been enjoying strong economic growth and is considered as one of the fastest growing economies in Asia with real GDP growing on average 6.3 % over the ten years to 2019. However, the onset of the COVID-19 pandemic brought the country’s economy into recession breaking almost three decades of uninterrupted growth. The Philippines economy had withstood the Asian financial crisis and the recent global financial crisis. The Philippines’ pandemic lockdown described as one of the longest, where 75% of the economy was shut down. The economy GDP shrank by 11.5 percent year on year in the third quarter of 2020 bouncing back with a smaller contraction from the 16.9 percent in the previous quarter. Improvement in the job market has been reported as the economy continued to gradually reopen. From record level unemployment rate of 17.6% (equivalent to 7.288 million individuals) in April, it shrank to 9.7% (equivalent to 3.813 million jobless individuals) October. Metro Manila, the epicentre of the outbreak and which accounts for 37.5% of GDP, is a major concern during the pandemic, while the entire Luzon region accounts for about 70% of the country’s GDP. Sectors from retail, real estate, to manufacturing experienced serious challenges due to the enhanced community quarantine[1].
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The Philippines has been enjoying strong economic growth and is considered as one of the fastest growing economies in Asia with real GDP growing on average 6.3 % over the ten years to 2019. However, the onset of the COVID-19 pandemic brought the country’s economy into recession breaking almost three decades of uninterrupted growth. The Philippines economy had withstood the Asian financial crisis and the recent global financial crisis.
The Philippines has been enjoying strong economic growth and is considered as one of the fastest growing economies in Asia with real GDP growing on average 6.3 % over the ten years to 2019. However, the onset of the COVID-19 pandemic brought the country’s economy into recession breaking almost three decades of uninterrupted growth. The Philippines economy had withstood the Asian financial crisis and the recent global financial crisis. The Philippines’ pandemic lockdown described as one of the longest, where 75% of the economy was shut down. The economy GDP shrank by 11.5 percent year on year in the third quarter of 2020 bouncing back with a smaller contraction from the 16.9 percent in the previous quarter. Improvement in the job market has been reported as the economy continued to gradually reopen. From record level unemployment rate of 17.6% (equivalent to 7.288 million individuals) in April, it shrank to 9.7% (equivalent to 3.813 million jobless individuals) October. Metro Manila, the epicentre of the outbreak and which accounts for 37.5% of GDP, is a major concern during the pandemic, while the entire Luzon region accounts for about 70% of the country’s GDP. Sectors from retail, real estate, to manufacturing experienced serious challenges due to the enhanced community quarantine[1].
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