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    Macroeconomic Overview of the Philippines and the New Industrial Policy

    Rosellon, Maureen Ane; Medalla, Erlinda M. | December 2017
    Abstract
    The Philippine economy has been posting outstanding growth and gaining momentum in recent years. Having consistently high GDP growth rate at 6-7% in the past years, the Philippines is among the fastest growing economies in Asia. This is a big turnaround from its dismal performance in past decades of boom-and-bust cycle which has left the country behind, vastly outperformed by its Asian neighbors. From being the so-called “sick man of Asia,” the country has become a consistent major performer in the region. The prospects for the economy remains very optimistic as the country garnered positive investment, credit and competitiveness ratings and growth projections from investment grade and credit rating agencies – Moody’s, Fitch, and Standard and Poor (PDP 2017-2022). More recently, the Philippines received another upgrade from Fitch, placing it ahead of Indonesia, in anticipation of a strengthened fiscal outlook with the passing of the tax reform package. In the World Economic Forum’s Global Competitiveness Report 2017, the Philippines ranked 56th out of 137 economies and performed well in several areas including macroeconomic environment, inflation management (no.1), government debt and budget balance-both as percentage of GDP, soundness of banks, regulation of securities exchanges, primary and higher education, among others. International organizations such as the Asian Development Bank, International Monetary Fund and World Bank have projected that the Philippine economy will experience continued robust growth in 2017-2019.4 In sustaining the strong economy and realizing the growth projections, continued sound performance of growth drivers and government policies to support them are crucial.
    Citation
    Rosellon, Maureen Ane; Medalla, Erlinda M.. 2017. Macroeconomic Overview of the Philippines and the New Industrial Policy. © Philippine Institute for Development Studies. http://hdl.handle.net/11540/7864.
    Keywords
    Securities
    Competition
    Industrial competition
    Unfair competition
    Monopolies
    Competition policy
    Development cooperation
    Economic discrimination
    Industrial Development
    Financial Services Industry
    Industrial Sector
    Industry
    Development Economics
    Economic Models
    Organization for Economic Cooperation and Development
    Macroeconomic
    Macroeconomic Analysis
    Macroeconomic Framework
    Macroeconomic Models
    Macroeconomic Performance
    Macroeconomic Planning
    Macroeconomic Policies
    Macroeconomic Reform
    Macroeconomic Stabilization
    Competition
    Comparative economics
    Communication in economic development
    Industrialization
    Monopoly
    Barriers to entry
    Monopolistic competition
    Restraint of trade
    Price discrimination
    Imperfect competition
    Press monopoly
    Diversification in industry
    Unfair competition
    Investment banking
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    Citable URI
    http://hdl.handle.net/11540/7864
    Metadata
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    pidsdps1748.pdf (1.887Mb)
    Author
    Rosellon, Maureen Ane
    Medalla, Erlinda M.
    Theme
    Economics
    Industry
    Labor Migration
     
    Copyright 2016-2020 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2020 Asian Development Bank Institute, except as explicitly marked otherwise