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Gov't banks on 'ber' months to ease economic woes

ABS-CBN News
Posted at Oct 15 04:19 PM

The government hopes that retail spending in the last quarter of the year can boost the pandemic-battered economy, Malacañang said Thursday.    Read more »

Japan's economy shrank 7.9 percent in the second quarter, more than estimated

Agence France-Presse
Posted at Sep 08 10:41 AM

Japan's economy shrank slightly more than initially thought in the April-June quarter, official data released Tuesday showed, deepening a contraction that was already the worst in the nation's modern history. Read more »

Duterte expected to sign Bayanihan 2 into law until next week: Palace

Arianne Merez, ABS-CBN News
Posted at Sep 07 02:57 PM

Just like the first Bayanihan law, the proposed Bayanihan 2 allows the President to realign funds for pandemic-related expenses. Read more »

India’s economy shrank nearly 24 pct last quarter

Sameer Yasir and Jeffrey Gettleman, The New York Times
Posted at Sep 01 06:39 AM

The Indian economy contracted by 23.9 percent in the second quarter, the most drastic fall in decades, as lockdown restrictions meant to contain the spread of the coronavirus wiped out jobs and businesses.  Read more »

Japan economy shrinks historic 7.8 percent in second quarter

Agence France-Presse
Updated as of Aug 17 08:44 AM

Japan's economy shrank a historic 7.8 percent in the April-June quarter, the worst contraction in the nation's modern history, as the coronavirus deepens economic woes.  Read more »

Global economies, companies hit hard as coronavirus cases top 17 million

Agence France-Presse
Posted at Jul 31 12:15 AM

Economies from Europe to the United States on Thursday reported record slumps and companies from banks to car makers warned of losses in the latest fallout from the pandemic that has infected more than 17 million people across the globe. Read more »

Virus-hit Singapore plunges into recession

Agence France-Presse
Posted at Jul 14 09:36 AM

Singapore plunged into recession in the second quarter as growth fell 41.2 percent quarter-on-quarter with the trade-dependent economy hammered by the coronavirus, preliminary data showed Tuesday.   Read more »

US weekly jobless claims remain high as second wave of layoffs hits industries

Lucia Mutikani, Reuters
Posted at Jun 18 09:09 PM

A second wave of layoffs amid weak demand and fractured supply chains is keeping new US applications for unemployment benefits elevated, supporting views that the economy faces a long and difficult recovery from the COVID-19 recession. Read more »

Japan's Q1 GDP shrinks less than expected, faces steep recession

Kaori Kaneko, Reuters
Posted at Jun 08 09:10 AM

Japan's economy shrank less than initially estimated in the first quarter but the broad impact from the coronavirus crisis is still expected to send the country deeper into recession. Read more »

Unemployment jump to show lockdown toll on Philippines: economist

ABS-CBN News
Updated as of Jun 04 10:24 AM

Unemployment likely soared during the virus lockdown, an economist said Thursday on the eve of the official data release, as the Philippines started easing restrictions. Read more »

Debt relief for poorest countries could extend beyond 2020, G7 says

Andrea Shalal, Reuters
Posted at Jun 04 08:27 AM

Group of Seven finance ministers on Wednesday said a debt relief initiative for the world's poorest countries could be extended beyond the end of the year to help deal with economic fallout from the coronavirus pandemic. Read more »

Asia's factory pain worsens as China's recovery fails to lift demand

Leika Kihara, Reuters
Posted at Jun 01 02:05 PM

Asia's factory pain deepened in May as the slump in global trade caused by the coronavirus pandemic worsened, with export powerhouses Japan and South Korea suffering the sharpest declines in business activity in more than a decade.   Read more »

COVID-19 pushes Germany into recession

Florian Cazeres, Agence France-Presse
Posted at May 15 09:51 PM

The coronavirus pandemic has tipped Germany into a recession, official data showed Friday, with Europe's top economy suffering its steepest quarterly contraction in more than a decade as lockdown measures began to bite. Read more »

Philippines sees economy shrinking by 2 to 3.4 percent due to COVID-19

ABS-CBN News
Updated as of May 13 11:29 AM

The Philippine economy will likely contract by 2 to 3.4 percent this year, according to revised government assumptions released Wednesday, as the country moved to slowly restart businesses shuttered by the COVID-19 pandemic. Read more »

First since 1998: Philippines GDP shrinks due to COVID-19 pandemic

ABS-CBN News
Updated as of May 07 10:45 AM

The Philippine economy, Asia's pace-setter, shrank in the January to March period after the COVID-19 pandemic put the economy in the freezer, officials said Thursday, as the nation looked to a possible recession. Read more »

Through the fire with pandemic, businessmen in Philippines brace for recession

Jessica Fenol and Joel Guinto, ABS-CBN News
Updated as of May 06 09:19 PM

Through fire, drought and a botched military putsch, Jojo Tan's convenience store franchise remained open for 14 years, until the COVID-19 pandemic struck, plunging his business and many others into a day-to-day existence. Read more »

Globalization as we know it is 'over' due to COVID-19, says billionaire Razon

Cathy Yang and Joel Guinto, ABS-CBN News
Updated as of Apr 22 02:33 PM

Globalization as we know it is "over" because of the coronavirus pandemic, billionaire port magnate Enrique Razon said Wednesday, as lockdowns and travel restrictions put businesses on pause. Read more »

'We still have a lot of bullets in our arsenal,' BSP says on fight for economy

ABS-CBN News
Updated as of Apr 19 12:06 PM

Diokno last week slashed 50 basis points off the benchmark interest rate in an unscheduled move, underscoring his pledge to use the central bank's entire arsenal to salvage the economy. Read more »

Pandemic to bring Asia's 2020 growth to halt for 1st time in 60 years: IMF

Leika Kihara, Reuters
Posted at Apr 16 08:46 AM

Asia's economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an "unprecedented" toll on the region's service sector and major export destinations, the International Monetary Fund said on Thursday. Read more »

IMF chief economist says 100 countries seek pandemic aid

Andrea Shalal and David Lawder, Reuters
Posted at Apr 15 08:06 AM

The International Monetary Fund's $1 trillion in lending capacity is "quite substantial" to help members deal with the coronavirus pandemic, but further resources may be needed as the full brunt of the crisis reaches developing countries, its chief economist told Reuters in an interview on Tuesday. Read more »