World Bank sees RP slipping into recession

MANILA, Philippines – The World Bank has warned that the Philippines would slip into recession this year, saying government efforts to stimulate the economy would not be enough to revitalize foreign investments as the global turmoil continues to push businesses to the sidelines.

The foreign lender has projected that the Philippines would post a 0.5-percent contraction in its gross domestic product this year and thus join its neighboring countries that earlier reported a contraction of their economies.

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