Answer to Question #257391 in Economics for Poomie

Question

Discuss the effects of global stratification on the philippine economy.

Answer 1

In the case of the Philippines, it has traditionally been associated with the Third World (and was a founding member of the Group of 77). It has also been a reliable treaty ally of the United States via the South East Asian Treaty Organization (SEATO).

The Philippines, once regarded as a country that enjoyed a steady economic status many decades ago, fell back due to poor management and corrupt politicians. Now in the 21st century, it is regarded as a developing or newly industrialized country.

Ranked 32nd in largest economies globally, it's the 13th largest economy in Asia, and the 3rd highest-earning country in southeast Asia (2020). The country however still has problems to solve. Such as the major gap and differences in income that vary hugely from province to province. As well as reducing corruption, and creating more infrastructures to ensure future growth for the fast-rising economy of the country.