Philippine Economic Update, December 2012 : Accelerating Reforms to Sustain Growth
The Philippine economy has emerged as one of the fastest growing economies in East Asia, with growth accelerating to 7.1 percent in the third quarter. The acceleration of domestic demand since the first quarter of 2012 reflects the country's s...
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Format: | Report |
Language: | English en_US |
Published: |
World Bank, Manila
2017
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Online Access: | http://documents.worldbank.org/curated/en/725251468294059029/Philippine-economic-update-accelerating-reforms-to-sustain-growth http://hdl.handle.net/10986/26742 |
Summary: | The Philippine economy has emerged as
one of the fastest growing economies in East Asia, with
growth accelerating to 7.1 percent in the third quarter. The
acceleration of domestic demand since the first quarter of
2012 reflects the country's strong macroeconomic
fundamentals, stronger government finances, and high
confidence in the Aquino government's commitment to
reform. Sound macroeconomic fundamentals, as seen in low
inflation, and large current account surpluses and foreign
exchange reserves, have continued to shield the economy from
external headwinds, while a more diversified export basket
allowed total exports to grow, despite the decline in
electronics exports. Overall, the economy is expected to
expand by over six percent this year, up from 3.9 percent
last year. However, more structural reforms are needed to
create more and better jobs, as the overall labor market
outcome has been less responsive to the higher economic
growth. The economy needs to shift from consumption towards
investment, both public and private. The special focus
sections of this update demonstrate that the implementation
of such reforms can have high payoffs in terms of jobs and
inclusive growth. Finally, by scaling-up and broadening
several open government/open data initiatives in the
country, the strengthening of inclusive institutions would
be greatly enhanced, in line with the core principles of
this government. |
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