ECONOMY OF

GLOBAL NORTH
& SOUTH
COUNTRIES

ITALY
Italy is well-known for its architecture, culture, art, opera, literature,
film, and fashion. This is one of the best countries to go on a foreign
tour. The country is known for its mesmerizing topography, pristine
beaches, historical artifacts, monuments, and more.
PHILIPPINES
Philippines, also known as the Republic of Philippines, is the largest
archipelago in the world, comprising 7641 islands! The country is
famous for its abundant picturesque and sun-kissed beaches. A lesser
known fact is that it is home to a wide variety of exotic fruits viz
mangosteen, papaya, and banana.

1.2% 6.3%
Gross Domestic Product (GDP) as of March 2024

₱
European Euro Philippine Peso

CURRENCY

1 EUR = 60.68 PHP 60.68 PHP = 1 EUR

3.5
50
INFLATION Italy Philippines

3 RATE - 2024
40
2.5
302

1.5
20
1
10
0.5
00
Jan Feb Mar
Italy Unemployment Rate increased to 7.20% in Jan Unemployment has remained high in the Philippines, at almost
2024, from the previously reported figure of 7.17% in Dec twice the level of neighboring countries, despite relatively fast
2023. Italy Unemployment Rate is updated monthly, employment growth in the past decade. Employment growth
available from Jan 1983 to Jan 2024, with an average was not sufficient to reduce unemployment because of rapid
rate of 9.20%. population growth and increased labor force participation.

7.20% 4.8%

PURCHASING POWER
PARITY (PPP)
is a money conversion

0.6% rate used to express

the purchasing powers
1.3%
of different currencies
in common units.

Purchasing power parity of Philippines increased

Italy's purchasing power parity decreased. In
from 14.8 LCU per international dollars in 2003 to 18.8
2008, the PPP was approximately 0.78 NCU per U.S.
LCU per international dollars in 2022 growing at an
dollars, whereas it decreased to 0.63 NCU in 2022.
average annual rate of 1.28%.

Madriaga, Marie Allen P.

BSN 2-Y1-31