List at least three prominent characteristics of developing countries that is

present in the Philippines. What makes you think so?

The Philippines is often referred to as middle and lower-income are known as

developing countries. From corruption and lawlessness, civil society has done little to
reduce poverty, accelerate human development, and raise the standard of living are not
consistent. The three prominent characteristics of developing countries that are present
in the Philippines are:

1. Low Standard of Living

It implies the normal individual doesn't bring insufficient cash to put away or set aside
cash. Along these lines, it makes a pattern of neediness that the vast majority of the
populace battles to get away. The level of individuals in absolute poverty (the least
income level) is high in developing countries. The Philippines is also identified as the
Tiger Cub Economies and comes alongside Indonesia, Malaysia, Vietnam, and Thailand.
Even though it has been shown as the fastest Asian growing economy, still the
economy is unstable with the falling GDP of -8.3 percent in the fourth quarter in 2020
and further declining to a -9.5 percent full-year growth rate. The Philippine country was
a prosperous country with a GDP growth of 8200 in 2017 and still struggling hard to
survive the recession.

2. High Population Growth Rate

One more typical attribute of developing countries is that they either have high
populace development rates or huge populaces. Regularly, this is a direct result of an
absence of family arranging choices, the absence of sex training, and the conviction
that more kids could bring about a higher workforce for the family to acquire income.
This expansion is ongoing decades could be a result of higher rates of birth and
decreased passing rates through further developed medical care. The population rate
has been exploding at the rate of 1.35 percent. Growth was driven by economic
growth. Philippines has the economic development induced higher population growth
causing contraction in the GDP growth due to the rise in private consumption.

3. High Rates of Unemployment

In-country areas, unemployment suffers from huge occasional varieties. Nonetheless,

joblessness is a more mind-boggling issue requiring approaches past customary fixes.
Rapid population growth is one of the reasons why, despite the strong economic
performance, unemployment in the Philippines remains high. It should be noted that
people living in cities are disproportionately affected by unemployment. Unemployment
may lead to debt and poverty, and the government must care for these individuals, thus
social spending would rise at the same time. The recent unemployment statistic as of
March is higher than the 7.1 percent, which equated to 3.4 million unemployed
Filipinos. In the month of April, the underemployment rate, or the percentage of the
working population searching for extra hours of work, was 17.2 percent, or 7.45 million
people. In instances where unemployment is extremely high, there will be a budget
imbalance as a result of a combination of tax income loss and higher welfare spending.