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Government debt Essay Topics & Paper Examples

Economic Crisis and Response in the Philippines

The Global Economic Crisis pulled countries down from around the globe to a recession. Wide-ranging declines in many aspects of growth characterize the overall impact it had had on the global scale. Following the Asian economic crisis in 1997, the present global economic crisis imposes new challenges to the Philippines as a developing country. Following are expositions of the macroeconomic impacts of the crisis in the Philippine setting, its implications in the prevalent poverty scenario, and policies and programs undertaken by the government in response to the crisis. Overview of the Global Economic Crisis The 2008 global economic crisis started upon the bursting of the US housing bubble, which was followed by bankruptcies, bailouts, foreclosures, and takeovers of financial institutions…