The coronavirus pandemic causes the Philippine economy to plunge into recession in 2020. What exactly is a recession and how does it affect us? Read here.
In a recession, people may lose jobs, or find it difficult to secure new jobs or promotions.The Philippines' unemployment rate for April surged to 17.7%, the highest ever on record. After January, an additional 4.9 million people became jobless.Companies hold on to cash and go on survival mode, slashing capital expenditures.If we strictly follow Shiskin's convention of a recession, the Philippines last experienced it back in 1991 during the presidency of the late Corazon Aquino.
But there were also episodes of negative growth in 1998, particularly in the 2nd and 4th quarters, during the Fidel Ramos presidency. This was amid the Asian financial crisis.The economy was at its worst during the regime of the late dictator Ferdinand Marcos. The economy contracted for 9 consecutive quarters from 1983 to 1985 amid political unrest and widespread corruption.
Since 1999, the Philippines had enjoyed 84 consecutive quarters of GDP growth until the pandemic in 2020.While recessions in the past were not intended, this year's downturn resulted from deliberate choices. Economists themselves urged the government to push the economy into hibernation and put health first. The economy can be gradually thawed out, they said, when COVID-19 cases decline.
As of early August, the government has not flattened the infection curve. President Rodrigo Duterte ordered the
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