Philippine economy shrinks record 9.5% in 2020 but hopeful of bouncing back

A more robust recovery for the Philippines is believed to be hampered by stay-at-home orders for children, which were preventing families visiting shopping malls. - Reuters

MANILA (AFP): The Philippine economy shrank a record 9.5 per cent last year, official data showed Thursday (Jan 28), after coronavirus measures devastated the retail and tourism sectors while a series of natural disasters wrecked crops.

But Acting Socioeconomic Planning Secretary Karl Kendrick Chua said the outlook for this year was "encouraging" as measures introduced to contain the virus are eased further and the country prepares for a vaccination drive.