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.Know More
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.Learn more about Economics
According to Economics Help, economic growth is caused by an increase in aggregate demand and supply. An increase in national output and national income also contributes to a country's economic growth.Full Answer >
Unemployment and economic growth are dependent on one another in many ways, and oftentimes unemployment leads to slower economic growth. Since unemployment is very dependent on economic activity, when economic activity is high there is increased production and a healthy demand for individuals to help produce higher amounts of services and goods.Full Answer >
Among the key advantages of economic growth are improved standards of living, increased employment and investment in cleaner technologies, while some of the major disadvantages are the risk of inflation, pollution and deforestation, traffic congestion and excessive household waste. There are also concerns about the sustainability of economic growth, particularly given the finite nature of the Earth's resources, including rainforests and fish stocks.Full Answer >
One advantage of a traditional economy is that it tends to be more stable than a market economy. Traditional economies are based on tradition and custom that guide them in a way that makes sense to all participants.Full Answer >