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During the 2008 global financial crisis, the BSE SENSEX experienced a sharp decline. It dropped from over 21,000 points in January 2008 to below 8,000 points in October 2008. [153] October 8, 2008: The Indonesian stock market halted trading after a 10% drop in one day. [154]
Government expenditure for economic services peaked during this period, focusing mainly on infrastructure development, with about 33% of the budget spent on capital outlays. In response to the higher global interest rates and to the depreciation of the peso, the government became increasingly reliant on domestic financing to finance fiscal deficit.
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.
Global economic crisis may refer to: Economic events of the 21st Century: Financial crisis of 2007–2008; Great Recession; The 2020 stock market crash; A global recession; Earlier global economic events, such as: The Great Depression, a global economic downturn from the late 1920s until World War II
Poverty in the Philippines is a complex issue influenced by various factors, including economic inequality, corruption, and inadequate access to education. The disparity in income across different regions and sectors creates significant barriers for many Filipinos, limiting their opportunities for upward mobility.
The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. [31] In 2025, the Philippine economy is estimated to be at ₱28.05 trillion ($508.79 billion), making it the world's 32nd largest by nominal GDP and 13th largest in Asia according to the International Monetary Fund.
The IMF mandated stabilization plan which accompanied the agreement included numerous macroeconomic interventions, including a shift away from the Philippines’ historical economic strategy of import substitution industrialization and towards export-oriented industrialization; and the allowing the Philippine Peso to float and devalue. [1]
The Global Economic Crisis, the worst financial crisis since the Great Depression, can be partially attributed to globalization. Although globalization promised an improved standard of living, it has actually worsened the financial situation of many homes and has made the financial crisis global through the influences of international financial ...