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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 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 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 International Monetary Fund defines a global recession as "a decline in annual per‑capita real World GDP (purchasing power parity weighted), backed up by a decline or worsening for one or more of the seven other global macroeconomic indicators: Industrial production, trade, capital flows, oil consumption, unemployment rate, per‑capita investment, and per‑capita consumption".
Twin crises diagram. The wave of twin crises in the 1990s, which started with the 1994 Mexican crisis, also known as the "Tequila crisis", and followed with the 1997 Asian financial crisis and the 1998 Russian financial crisis, gave rise to a huge discussion on the relations between banking and currency crises.
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
The economy and high prices are threatening to undo Trudeau’s administration, the same issues that are bringing Trump back to the White House.
A comparative graph of Revenue and Tax Effort from 2001 to 2010 [3] A comparative graph of Tax and Non-Tax Revenue contribution from 2001 to 2010 [4]. The Philippine government generates revenues mainly through personal and income tax collection, but a small portion of non-tax revenue is also collected through fees and licenses, privatization proceeds and income from other government ...