PH economy ‘worst performing’ in ASEAN – IBON
The Philippine economy is named the “worst performing” economy among countries in the Association of Southeast Asian Nations (ASEAN), says local independent think tank IBON Foundation.
“The Philippine economy had a record 9.5% contraction in 2020. This makes it the worst performing in ASEAN and is set to be the worst performing in South Asia and the rest of East Asia,” said IBON.
IBON also blamed the government’s “excessive lockdowns and quarantines, weak pandemic response and lack of real economic stimulus” for the worst economic slump since 1946. Last year, the foundation estimated that around 5.8 million Filipinos were unemployed, “indicating more families falling into poverty and hunger.”
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