The Philippines as a developing Country: Economic Prospects
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Choose a developing country and discuss its economic growth in the last 2-3 years. Include the following information:
•Identify its growth in output per capita and in population growth.
•Is it an open or closed economy?
•Identify its comparative advantage and whether it is involved in trade.
•Identify the country's type of economy—how its economy is a market, command, or mixed economy.
•Is the country's foreign exchange overvalued or undervalued? Has the central bank intervened in the foreign exchange market on behalf of the country's currency valuation?
•Using the information you gathered, discuss whether you believe the country is on a good course of economic growth and whether the macroeconomic policies are helping achieve this growth.
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Solution Summary
This is a discussion of the Philippine economy, a developing country, and its potential as an economic leader in southeast Asia.
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Choose a developing country and discuss its economic growth in the last 2-3 years.
Suggested Country: Philippines
World Bank (2014) announced that countries with a GNI of US$ 11,905 and less are defined as developing country. The Philippines belongs to this category.
Macroeconomic information in the last 2 to 3 years:
•Identify its growth in output per capita and in population growth.
2010 GNI per capita, PPP (current international $): 3,920
2011 GNI per capita, PPP (current international $): 4,070
2012 GNI per capita, PPP (current international $): 4,380
2010 GDP (current US$): 199,589,447,424
2011 GDP (current US$): 224,095,219,329
2011 GDP (current US$): 250,182,019,476
2010 GDP growth (annual %): 8
2011 GDP growth (annual %): 4
2012 GDP growth (annual %): 7
2010 Total Population: 93,444,322
2011 Total Population: 95,053,437
2012 Total Population: 96,706,764
(Source: WB, 2014)
•Is it an open or closed economy?
The Philippines is an open economy and a member of the Trans-Pacific Partnership (TPP) trade deal (De Vera, 2013). The country has a very liberalized, trade-oriented, open economy since the mid 1990s (Asia Money Magazine, 1996).
•Identify its comparative advantage and whether it is involved in trade.
The country's comparative advantage lies in its agricultural products such as banana, aquaculture products and even coconut (Hilario, 2013).
Primary exports include semiconductors and electronic products, transport equipment, garments, ...
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