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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 ...
In the first two quarters of 2022, U.S. gross domestic product (GDP) posted its first two declines since the COVID-19 recession; decreasing at an annual rate of 1.6% in the first quarter of 2022 and a 0.9% annual rate in the second quarter. [6] GDP growth rates in the European Union also slowed significantly in the first half of 2022. [7]
On the second quarter of 2020, the Philippine economy went into a recession for the first time in 29 years, where it shrank by 16.5%, which was one of the biggest falls in the Southeast Asian region. GDP fell by 9%. Seasonally adjusted GDP fell by 15.2 percent in the second quarter from the first three months of the year. [46]
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 ₱29.66 trillion ($507.6 billion), making it the world's 31st largest by nominal GDP and 11th largest in Asia according to the International Monetary Fund.
[143] [144] On July 27, the Fed announced a fourth rate rise by 0.75 points, bringing the rate to a range between 2.25% and 2.5%; although an expected move to combat the inflation, the rise has been seen more cautiously as there are signs that the economy is entering a recession, which the rate rises could potentially aggravate.
Stocks fell nearly 2% the day of the job news, with the S&P 500 index down 5.7% from its mid-July peak. The Nasdaq tech index is down 10% from its July peak and has now entered a correction.
February 8, 2024 at 6:48 AM MANILA (Reuters) - Philippine President Ferdinand Marcos Jr said on Thursday that calls for independence for the country's southern island of Mindanao were a ...
July 22 – Angela Clare Lim Tan, Alexis Griff Genovatin and Arthur Caleb Co win gold medals and a silver at the 2022 Copernicus Math Olympiad in New York City. [ 346 ] July 30 – ABS-CBN actress and executive Charo Santos-Concio and musical film Katips wins top awards in the 70th FAMAS Awards which was held at the Manila Metropolitan Theater .