Maria Alyssa Bernadette F.

Political Economy

PSC31 Sir. Jumel Estrañero

Economic Downpour: Significance of Combatting the Global Storm

The COVID-19 pandemic has had a significant negative impact on the global economy in
addition to lowering productivity and raising mortality. Global Gross Domestic Product (GDP)
decreased by 3.4% in 2020. Additionally, the Russian-Ukrainian conflict has unquestionably
perpetuated the condition of the global economy. The economic and health costs of these
catastrophes depend on how well each nation has planned and taken preventative measures. In the
Philippine Setting, the local market is expected to be undergoing a global "storm" according to the
Financial Stability Coordination Council (FSCC). Local inflation rose to a record of 8.1% in
December, highest in 14 years. Thus, the lack of economic planning, particularly in the agricultural
sector, has forced large corporations to alter the retail prices to keep up with competition in the
market. Filipinos are now facing major controversies such as the sugar and onion fiascos. The
national government must address these systemic risk issues otherwise the Filipinos will continue
to suffer to meet their basic everyday necessities.

Reference:

https://www.gmanetwork.com/news/money/economy/856901/fscc-says-market-going-through-
storm-flags-systemic-risks/story/

https://www.cnnphilippines.com/news/2023/1/11/High-prices-of-onions-in-PH-explainer.html