Most of these events have been associated with international business cycles. 1  Perhaps it is useful to be clear what we mean by the term “recession”. The original definition is “a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production, employment, real income, and other indicators”.
First, let me thank the Economic Journalists’ Association of the Philippines for inviting me to share the Bangko Sentral ng Pilipinas’ view on the current and future state of the Philippine economy. As we are all aware, the specter of slowing global economic growth looms larger than ever on the horizon as protectionist policies and geopolitical tensions continue to dominate the global growth narrative.