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The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. [31] In 2024, the Philippine economy is estimated to be at ₱26.55 trillion ($471.5 billion), making it the world's 32nd largest by nominal GDP and 13th largest in Asia according to the International Monetary Fund .
Government efforts to pump-prime the economy to increase income and encourage spending, unemployment and underemployment grew. The unemployment rate decreased from 5.2 to 0.9 percent from 1978 to 1983, while employment was a problem, the latter tripling, in the same time period, from 10.2 to 29.0 percent.
The Philippines’ inflation target is measured through the Consumer Price Index (CPI). For 2009, inflation target has been set to be 3.5 percent, having a 1% tolerance level, and 4.5 percent for 2010, also having 1% tolerance. Also, the Monetary Board of the Philippines announced a target of around 4±1 percent from 2012 to 2014. [14]
The Philippines' exports income had begun growing in the early 1970s due to an increased global demand for raw materials, including coconut and sugar, [1] [10] and the increase in global market prices for these commodities coincided with the declaration of martial law, allowing GDP growth to peak at nearly 9 percent in the years immediately ...
According to World Bank data, the Philippines is considered to be a "lower middle income" country, [5] defined as countries that have a per capita GNI between $1,026 and $3,995. [6] As of 2018, by gross domestic product Purchasing Power Parity (GDP PPP), the Philippines is ranked 27th in the world with a GDP PPP of 952,967 international dollars ...
In New York City, approximately 430,000 jobs were lost and there were $2.8 billion in lost wages over the three months following the 9/11 attacks. The economic effects were mainly focused on the city's export economy sectors. [ 17] The GDP for New York City was estimated to have declined by $30.3 billion over the last three months of 2001 and ...
The underemployment rate eased to 26.2 percent in 2012 from 28 percent in 2010, but is still much higher than the end-of-plan target of 20 percent. Employment in the region has increased by 2.79 percent between 2010 and 2012, a bit higher than the national average of 2.16 percent.
The Philippines is allocating 256.1 billion pesos ($4.38 billion) for defence spending in 2025, the budget ministry said on Monday, up 6.4% from this year's budget as the country seeks to ...