The Philippines Economic Report
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Many of Asian countries are experiencing an economic boom, and Philippines is one of them. Philippines economic report reveals a lot about this nation’s rise to economic progress. In recent years, bolstered by industries like business process outsourcing, Philippines has been able to register decent economic growth. However, current global financial crisis and economic meltdown has somewhat affected economic growth of Philippines.
Philippines GDP, exports and imports
Many of Asian countries are experiencing an economic boom, and Philippines is one of them. Philippines economic report reveals a lot about this nation’s rise to economic progress. In recent years, bolstered by industries like business process outsourcing, Philippines has been able to register decent economic growth. However, current global financial crisis and economic meltdown has somewhat affected economic growth of Philippines.
Philippines GDP, exports and imports
An analysis of gross domestic product figures indicates a slowdown in Philippine economy. IF CIA estimates of 2007 are taken into account, then total gross domestic product of Philippines has fallen from $449.9 billion to around $298.9 billion.
However, Philippines exports and import figures have been registering growth figures. CIA estimates of 2007 indicate that Philippines exports rose by 2.5 percent to $48.38 billion, over previous year figure of more than $47 billion. Imports figures of Philippines have a similar story to reveal. According to 2007 estimates, Philippines imports rose to about $53 billion.
Inflation, unemployment in Philippines
Average inflation in Philippines was around 2.8 percent in 2008. That is a sharp fall from previous year highs of 6.2 percent. In 2009, inflation is predicted to remain somewhere in range of 2.5 percent to 3.5 percent. Unemployment rate in Philippines has seen a decline from highs of 11.70 percent in 2005. It has now fallen to around 7.3 percent. (CIA estimates).
Coping with global economic slowdown
Global economic slowdown had affected Philippine economy. National government has to counter pressures imposed by global meltdown by introducing measures to reduce budget deficit. Raising finances is another area where Philippines national government has to focus on. Efficient handling of problems like tax evasion and smuggling would go a long way to improve government revenues. With several government measures to be implemented soon, Philippines is trying to sustain its high economic growth rate.
