Gradual recovery predicted

Empty streets: Minimal traffic along a main district in Quezon City. The country is under a strict two-week lockdown following a surge in Covid-19 cases. — Reuters

MANILA: The Philippine economy fell back into contraction in the second quarter compared to the previous three months, as elevated numbers of Covid cases and extended lockdowns place the nation among Asia’s laggards.

Gross domestic product (GDP) shrank a seasonally adjusted 1.3% in April-June from the previous quarter, the country’s statistics agency said, compared to the 1.1% contraction expected by economists surveyed by Bloomberg.