The lockdowns imposed by the country’s trade partners caused more damage to the country’s external trade performance than the local lockdowns imposed by the national government, according to a study by World Bank economists.
THE lockdowns imposed by the country’s trade partners caused more damage to the country’s external trade performance than the local lockdowns imposed by the national government, according to a study by World Bank economists.
“Our results reveal that domestic lockdown policies did not affect international trade in the Philippines; instead, exports and imports plunged due to external lockdowns,” the economists said in the paper. “Overall, the lockdown had a larger effect on imports than exports.” The authors also said a number of products were the key drivers of the lackluster performance of the country in terms of exports and imports.
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