Philippines is a lower middle-income economies coming under the East Asia and Pacific region as to the classification made by the World Bank on the basis of income and region for the year 2006.
The country’s economy is largely dependent upon the industries and services sector. The services sector constitutes more than 50% of the GDP followed by the industries.
About Philippines Economic Stimulus
As per official reports, a Philippines economic stimulus package has been proposed to Philippine Premier Gloria Macapagal-Arroyo by her economic advisor. Aggregate worth of economic stimulus Philippines package would be about 75 billion pesos.
About The Philippines economic growth
The Philippine economy is regarded as being one of fastest economically developing countries in South East Asian region. In financial year 2007, its gross domestic product grew at a rate of 7.3 percent. This was quickest for the Philippines economy in last thirty years. Economic growth Philippines can stand toe to toe with some other rapidly developing South East Asian economies like India for example.
Latest the Philippines economic forecasts have suggested that continuous depreciation faced by the Philippines peso could result in rates of inflation reaching an all time high in February. Philippines’ economic forecasts have confirmed that this rate could be ranging within 6.6 and 7.5 percent.
However noted financial experts, as part of their economic forecasts of Philippines have reiterated that there is still enough scope for central bank to cut down on rates of interest. They have said that water rates would go up in near future as well.
Philippines is the 33rd largest economy in the world,12th in Asia and 4th in South East Asia with a GDP (PPP) of US$188.719 billion in 2010. It is also classified as one of the 150 emerging economies listed by the International Monetary Fund. According to Goldman Sachs, by 2050, Philippines will be the 14th largest economy in the world.
