Q:

What is the economic situation in the Philippines?

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Quick Answer

The economic situation of the Philippines is fairly stable, showing both growth and positive performance. According to the Heritage.org 2014 Index of Economies, its economy is the 89th freest in the world. The positive aspects of the economic situation of the Philippines are due largely to the fact that it is a newly industrialized nation, which means that it is transitioning from agriculture to manufacturing and services.

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Full Answer

The economy of the Philippines is growing at a quite rapid rate. A Goldman Sachs estimate determined that by the year 2050, the Philippines is expected to be the 14th largest economy in the world. According to the HSBC, in the same time frame, the Philippines is expected to become the fourth largest economy in Asia and the largest in the Southeast Asian region.

The economy of the Philippines has been growing at a steady rate and is consistently showing improvements. This is for a number of reasons, including government legislation to enhance investment and private sector job growth, the industrialization of the Philippines and their rise as a major exporter of semiconductors, electronic products, copper products, petroleum products and other high-value items.

While the economic situation of the Philippines is strong and stable, it still faces the problems that many industrialized nations face, namely wealth disparity and corruption. There are also growth disparities. While some regions see great strides in economic development and wealth, others are still below the poverty line.

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