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World Bank sees recession in RP

The World Bank has predicted that the Philippines was likely to slip into “outright recession” this year because scenarios for recovery of the global economy remained uncertain, but a top Filipino economic manager belittled the warning. “Surely, there [would be] no recession. Resiliency will beat recession,” said Rolando Tungpalan, the deputy director general of the National Economic and Development Authority (NEDA).

In its report ‘Global Development Finance 2009,” the World Bank projected the Philippine economy, as measured by gross domestic product (GDP), to contract by 0.5 percent this year. It similarly predicted recession in Malaysia and Thailand.

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