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Paybhandred

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5 views2 pages

Paybhandred

Uploaded by

emandarel2
Copyright
© © All Rights Reserved
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Download as DOCX, PDF, TXT or read online on Scribd
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YUNG ECONOMIYA NAMAN NG ATING BANSA BANSA PARANG ANG HINA HINA.

For the past few years Philippine economy is having a posotive rate and having a

positive impact on the Philippines economic problems like unemployment, poverty, and

slowing down the inflation rate in the country. Most of the common Filipinos thinks that

our economy has becoming stiff or stagnated, but far from that based on the studies

Philippines is still competitive for being one of the fastest growing economy in the south

east Asia. It has been showed that Philippine economy is one of the fastest growing and

competitive economy despite all of the lapses and issues that Philippines dealt with it

still made its comeback and continue to improve the quality of employment, reduce the

poverty rate, and slow down the inflation rate that all the Filipinos are facing at the

moment

Philippine economy is one of the most competitive and fastest growing in south east

Asia. According to the study published by WorldBankGroup, One of the most vibrant

economies in East Asia and the Pacific has been that of the Philippines. The Philippines

has a big and youthful population, a growing middle class, and rapid urbanization. The

country's economic vitality is based on strong consumer demand, which is reinforced by

a thriving labor market and substantial remittances (WorldBankGroup, 2024). Having a

fast growing urbanization among the country and quality and a strong foundation of

laborer locally specially those overseas filipino workers that played the vital role in a

way that OFW remittances account for 8.9% of the country's gross domestic product

(GDP) . OFW remittances alleviate poverty and improve living conditions for their
2

families, leading to higher consumption and driving economic growth not only they
contribute in financial manners they also fill labor market gaps, address skills shortages,

and promote cultural exchange, fostering diversity in society 3


that promotes

Philippine products that could attract foreign investors and tourist. But the Philippine

economy has its’s own lapses that affect the stability of it.

Philippine economy started growing really fast in 2010 a lot of articles showed that

president Ninoy Aquino’s administration has focused and ensure the growth of the

Philippines and helped push the economy to become a rising tiger and that is the issue

on attaching the domestic politics to the national growth. Sometimes a country’s

economy isn’t only growing because of the president and the local government but due

to the economy of the world. The economy of the Philippines is 5.5% higher than the

other developing countries and higher than the advance economies of 3.2% the only job

of the government is to sustain it and to grow the economy. In 2020 the Philippine

economy suffered a 9.5% contraction because of the global pandemic that really affect

the Philippines, there are certain reasons why the Philippine economy crashed it’s

because the is heavily reliant on sectors that significantly affected by pandemic. One of

the main contributor in the National economy that affected by the severe lockdowns are

the service sector including tourism, hospitality, and retail businesses. Over the past few

years even the Philippine economy is still recovering in 2021 the Philippine growth rate

is 5.7% although its still slower than other country it’s still good for a developing country,

in 2022 it successfully reclaim it’s title as one of the fasting growing economy with 7.6%

growing rate that gave the momentum on the Philippines to progress again.

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