How can our economy withstand the shocks of the recent meltdown caused by the global economic crisis of 2008? In this year’s economic outlook, PIDS President Dr. Josef Yap focuses more on the extent of the slowdown on the Philippine economy and enumerates policy measures that the Philippine government has undertaken so far. He likewise recommends policy measures that are regional in scope and would provide longer-term responses to the 2008 economic crisis. This initial issue of the DRN focuses solely on this outlook to highlight what is critical for the country to weather the economic downturn. This outlook points to the fact that while the Philippine economy remains vulnerable to the impact of the global financial crisis, adopting a more proactive stance toward uncertainties, at this point, is still the best way to go.
The Philippine Economy in 2008 and Prospects for 2009
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