The National Economy Of The Philippines

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4. An outline of the National Economy of the Philippines

The next section will cover the national economy of the Philippines, covering the macro-level economics including the GDP and GNP, and the dominant sectors of the economy, which include the agricultural, industrial, and service sectors. Statistics from the last five to ten years are analyzed to provide the sectors that are expected to drive the economy in the next few years. Finally, based on the current dynamics of the economy and political situation, the state of the Philippines economy in the next five to ten years is projected.

a) Macro-level (GDP and GNP, Dominant sectors of the Economy) and sectors expected to drive the economy in the next few years

The economy of the Philippines has grown substantially over the last five years, and has recorded an average annual growth of approximately five percent during this period. The growth in the economy is in contrast to its regional counterparts; during the previous government administration, the economy grew by an average of 4.5 percent, and with the current administration, the economic growth has accelerated. The dominant sectors of the economy include three sectors: the agricultural, industrial, and service sectors (CIA, 2014).
The Philippines economy experienced a five-year positive per capita economic growth from the year 2003 to the year 2008. This period signaled the country’s longest positive per capita growth experienced since the 1970s. The recent success is attributed to the country’s reformers who have been able to enact and institutionalize key policies to incorporate the business community. The two key policies enacted include the monetary and exchange rate policy and the trade policy reform that helped open t...

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...al Journal of Economics and Finance, 3(3), 139-148. Retrieved from http://search.proquest.com/docview/880882468?accountid=7113

Bird, K., & Hill, H. (2009). PHILIPPINE ECONOMIC DEVELOPMENT: A turning point? Southeast Asian Affairs, , 267-285. Retrieved from http://search.proquest.com/docview/216959044?accountid=7113

Milo, M. S. (2009). PHILIPPINES IN 2008: A decoupling of economics and politics? Southeast Asian Affairs, , 245-266. Retrieved from http://search.proquest.com/docview/216940792?accountid=7113

The World FactBook- Philippines. (n.d.).Central Intelligence Agency. Retrieved May 4, 2014, from https://www.cia.gov/library/publications/the-world-factbook/geos/rp.html

Voigt, Kevin. "World's top economies in 2050 will be...." Business 360 RSS. N.p., 12 Jan. 2012. Web. 4 May 2014. .

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