The world economic crisis and the state of the Philippine economy
The world economic crisis and the state of the Philippine economy
By BENJIE OLIVEROS
Bulatlat.com
There seems to be no relief in sight , even temporarily, to the world economic crisis that imploded in 2008. While economists declare every seemingly positive sign, such as an increase in stock prices or in consumption expenditures, as the start of economic recovery, they have been disproven time and again by signs of another downturn. In early 2010, the sovereign debt crisis that hit Greece dashed all hopes and pretensions that the world economic crisis is about to end. Portugal and Ireland followed soon after. Italy is not far behind and Spain is becoming a cause for concern. An indication of the festering crisis is the unemployment situation. Data from Visual Economics.com reveals that Austria registered an unemployment rate of 4.5 percent, Belgium 7.4 percent, France 8.8 percent, Germany 8.3 percent, Greece 9.1 percent, Spain 18.7 percent, Sweden 8.9 percent, Netherlands 4.4 percent and France 8.8 percent.
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