With around 117 million inhabitants, the Philippines is among the most populous countries in the world and one of the most dynamic economies in the East Asia-Pacific region.
Characterized by a market and an economy fully immersed in the Asian boom, its average annual growth increased to 6.4% between 2010-2019 from an average of 4.5% between 2000-2009. Categorized as a newly industrialized country, it is transitioning from one based on agriculture to one based more on services and manufacturing.
The Philippine economy has also made progress in achieving inclusive growth, highlighted by the decline in poverty rates and the Gini coefficient. Poverty decreased from 23.3% in 2015 to 16.6% in 2018, while the Gini coefficient decreased from 44.9 to 42.7 over the same period. However, the COVID-19 pandemic and the community quarantine measures imposed in the country have had a major impact on economic growth and poverty reduction. Growth contracted significantly in 2020, due to the sharp decline in consumption and investment growth, exacerbated by the slowdown in tourism and remittances.
Nonetheless, the economy has started to recover with a 5.6% year-on-year expansion in 2021, supported by public investment and the recovery of the external context. The economy is expected to rebound further, thanks to domestic recovery, as well as the reopening of the economy. However, the economy faces downside risks stemming from the weakness of the external environment, which is being affected by an expected deceleration of global growth, rising inflation and geopolitical turmoil. The recovery should have a positive impact on further poverty reduction....READ MORE
With around 117 million inhabitants, the Philippines is among the most populous countries in the world and one of the most dynamic economies in the East Asia-Pacific regi...
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