Philippines suffers first recession in 29 years, braces for grim year on virus woes

The Philippine economy fell into recession for the first time in 29 years with a record slump in the second quarter, as strict lockdown measures ravaged economic activity and prompted the government to sharply cut its GDP forecast for 2020.

Official data showed on Thursday gross domestic product tumbling 16.5 per cent in April-June from a year earlier - the biggest slump since comparable GDP data was first recorded in 1981 - after falling a revised 0.7 per cent in the first quarter.