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The Philippine economy fell into recession for the first time in 29 years with a record slump in the second quarter, as strict lockdown measures ravaged economic activity and prompted the ...
The economic history of the Philippines is shaped by its colonial past, evolving governance, and integration into the global economy. Prior to Spanish colonization in the 16th century, the islands had a flourishing economy centered around agriculture, fisheries, and trade with neighboring countries like China, Japan, and Southeast Asia.
In 1984 and 1985 the Philippines saw the worst recession in its history: the economy contracted by 7.3% for two successive years. [1] Data from the Philippine Statistics Authority for 1985 showed that poverty incidence in families was at 44.2%—4.3 percentage points higher than in 1991 during the presidency of Corazon Aquino.
The Philippine economy contracted by 0.2% in the first quarter of 2020, for the first time since 1998, due to the COVID-19 pandemic and resulting lockdown. [196] Fitch Ratings downgraded its outlook on the Philippines to factor in the impact of the global health crisis brought about by the coronavirus disease 2019 (COVID-19). [197]
This article covers the history of the current Philippine republican state following the 1986 People Power Revolution, known as the Fifth Philippine Republic.. The return of democracy and government reforms beginning in 1986 were hampered by national debt, government corruption, coup attempts, disasters, a persistent communist insurgency, [1] and a military conflict with Moro separatists. [2]
India's economy benefited from recent high economic growth which declined greatly due to the global economic crisis. [ 27 ] [ 28 ] Economic growth in India during FY2008-09 stood at 6.7%. [ 29 ] The global crisis had less impact of India because exports account for only 15% of India's GDP, less than half the levels of major Asian economic ...
According to World Bank data, the Philippines' gross domestic product (GDP) quadrupled from $8 billion in 1972 to $32.45 billion in 1980, for an inflation-adjusted average growth rate of 6% per year. [40] Indeed, according to the U.S.-based Heritage Foundation, the Philippines enjoyed its best economic development since 1945 between 1972 and 1980.
The Philippines 2000 platform was widely successful, making it one of the greatest legacies of the Ramos administration to the Philippines. Ramos was successfully able to open the then-closed Philippine economy and break Marcos-era formed monopolies, especially with regard to Philippine Airlines and the Philippine Long Distance Telephone Company, which were privatized and de-monopolized during ...