The gross domestic product of the Philippines and Malaysia shrank between 15 and 20 percent in the third quarter, while India was the hardest hit economy, with its GDP contracting nearly 25 percent in the first half of last year.
This was according to Moody’s Analytics which sees the Philippine economy starting to recover with a GDP growth of 4.5 percent this year and 6.2 percent in 2022 after contracting by about 10 percent in 2020.
The Philippines booked the biggest GDP contraction in Asia-Pacific last year followed by India with 8.8 percent, Thailand Singapore, and Hong Kong with six percent, with 5.9 percent.
The only countries in the region that booked GDP growth last year include Vietnam and Taiwan with 2.7 percent as well as China with 2.4 percent.
The Philippines and India are also the least committed to fiscal stimulus despite being the hardest hit economies by the pandemic and the lengthy and strict quarantine policies.