Philippine Economy Falls 9.5% in 2020, Biggest Post-War Recession

The Philippine economy contracted 9.5% in 2020, recording the worst post-war recession in its history.

In the fourth quarter of 2020, gross domestic product (GDP) fell 8.3% year-on-year.

The previous worst recession was in 1984 when the economy shrank by 7% during the final years of the Marcos dictatorship.

Source: Inquirer