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What is the traditional economy of the philippines?

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The Philippines' diverse population, speaking more than 80 languages and dialects, is spread over 7000 islands in the Western Pacific. Democracy was restored in 1986 after two decades of autocratic rule. read more

While agriculture is still a significant part of the economy, industrial production in areas like electronics, apparel, and shipbuilding has been growing rapidly. Remittances from overseas workers are equivalent to nearly 10 percent of GDP. The Philippines was ravaged in late 2013 by Typhoon Haiyan, but its economy recovered rapidly. read more

A traditional economy is a system where traditions, customs, and beliefs shape the goods and products the society creates. Countries that use this type of economic system are often rural and farm-based. Also known as a subsistence economy, a traditional economy is defined by bartering and trading. read more

The economy of the Philippines is the world's 34th largest economy by nominal GDP according to the 2017 estimate of the International Monetary Fund's statistics, it is the 13th largest economy in Asia, and the 3rd largest economy in the ASEAN after Indonesia and Thailand. read more

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