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AFTER ENTERING RECESSION, PH SET FOR RECORD COLLAPSE THIS YEAR

7 months ago | Local Business News | 0 comments

By Xai Reyes

Economists at First Metro Investment Corp, an investment house, and the University of Asia and the Pacific projected gross domestic product (GDP) to shrink between 8-9% year-on-year in 2020.

Victor Abola, an economist at UA&P School of Economics, said the scale of contraction would be the largest on record, beating the previous low of 7% under the Marcos dictatorship in 1984.

“We’re now in a rough patch,” Abola said.

“We just saw very bad figures on GDP led by domestic demand, which used to be our main driver,” he added.

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