The economy of the Philippines is the 5th largest in South East Asia and a newly industrialized emerging market economy. In 2008, it was ranked as the 36th largest economy in the world by purchasing power parity according to the International Monetary Fund. It posted a real GDP growth rate of 5.3% in 2006 and 7.1% in 2007. Growth slowed to 3.8% in 2008 as a result of the global financial crisis. In 2009, the real growth rate was 0.9%.