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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]
The country had weathered the first global oil crisis, in 1973, but by 1979 the commodities boom which had propped up its economy in the early 1970s had died down, leaving the Philippines much more vulnerable [1] - so much so that in the third quarter of 1981, the Philippine economy followed the course of the US economy when it went into recession.
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.
The economy grew amidst the two severe global oil shocks following the 1973 oil crisis and 1979 energy crisis – oil price was $3 / barrel in 1973 and $39.5 in 1979, or a growth of 1200% which drove inflation. Despite the 1984–1985 recession, GDP on a per capita basis more than tripled from $175.9 in 1965 to $565.8 in 1985 at the end of ...
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
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 Philippines faced six back to back typhoons in just 23 days last month, an unprecedented onslaught of storms that scientists say were fueled by unusually hot oceans and higher air humidity ...
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]