I used this article for my economics, so I think it would be also great if I would post it here 🙂
The economy of the United States is the largest national economy in the world, bearing an estimated $13.8 worth of Gross Domestic Product. It also maintained a stable overall GDP growth rate and a low employment rate. Though, a recent financial crisis made the economy weak. With the United States sliding into recession, it will reflect a mounting damage from the most dangerous financial jolt. In a report of IMF, “The world economy is now entering a major turndown in the face of the most dangerous shock in mature financial markets since the 1930’s”.
The recent failure of the unprecedented $700 financial bailout will likely to trigger the fallout and eventually will weaken the economy as a whole. As have been told by an economist, “Asian countries will not be able to bypass this financial crisis, thus all of us will be affected”. The Philippines, despite of attaining an accelerating growth in its economy would likely be also struck by -this crisis.
As you could recall way back in 2001, the US had a recession and our economy was slightly affected. Although, many analysts were saying that OFW remittances will save the economy from the said turndown. But others were saying the other way. But despite of the negative insights, many economists assured that the Philippines will not fall into recession – rather the Philippine economy will rise into new heights, primarily by OFW remittances with the help of the export and service factors.
As always or as expected, the Filipinos should be prepared for the worst, while hoping for the best. OFW – the modern day heroes of the country.