Maria Alyssa Bernadette F.

Dulay

Political Economy

AB Political Science PSC31

Sir. Jumel Estrañero

De La Salle University Dasmariñas

 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