What happened to the Philippine economy in 2009?
The Philippine economy grew by 0.9 percent in 2009. It continued to post low, albeit positive, growth rates just as the global economy reached the bottom of the pool in 2009.
What rank is Philippines in economy?
The economy of the Philippines is the world’s 32nd largest economy by nominal GDP according to the International Monetary Fund 2021 and the 12th largest economy in Asia, and the 3rd largest economy in the ASEAN after Indonesia and Thailand.
What is the main source of economy in Philippines?
Agriculture, which is made up of four sub-sectors (crops, livestock, poultry and fisheries), is the main source of livelihood for 25-30 percent of the labour force.
How was the Philippines affected by the 2008 financial crisis?
Exports from developing countries fell sharply dragging many of them into the global economic downturn. The Philippines was not spared the fallout from the crisis as GDP growth decelerated considerably in the fourth quarter of 2008 and first half of 2009.
How did the 2008 financial crisis affect the Philippine economy?
The global financial crisis of 2008-2009 resulted in considerably slower economic growth in the Philippines as elsewhere in East Asia. The financial crisis partially overlapped with lingering effects of a major spike in international food and fuel prices which peaked in mid- to late-2008.
How has the Philippines economy changed over time?
Economic growth has accelerated, averaging over 6% per year from 2011 to 2017, compared with 4.5% under the MACAPAGAL-ARROYO government; and competitiveness rankings have improved.
What are the economic strengths of the Philippines?
A well-developed communication, transportation, business and economic infrastructure links the three major islands and distinguishes the Philippine economy. Highly accessible by air, water and cyberspace, liberalization of inter-island shipping and domestic aviation further sparked improved facilities and services.
Is the economy of the Philippines growing?
The Asian Development Outlook (ADO) 2022, ADB’s flagship economic publication, forecasts the Philippine economy to grow by 6.0% in 2022, rising further by 6.3% in 2023.