Philippines Quarterly Update, March 2012: From Stability to Prosperity for All World Bank 2017-05-24T14:54:27Z 2017-05-24T14:54:27Z 2012-03
dc.description.abstract The Philippine economy grew slower than expected at 3.7 percent in 2011, held back by weak public spending and external demand. In the fourth quarter (Q4), growth slightly improved at 3.7 percent. As in past quarters, growth was driven by remittance-fueled household consumption, which grew by 6.7 percent. The government's disbursement acceleration plan was partially successful and contributed 1.3 percentage points (ppt) to gross domestic product, or GDP growth in Q4, up from 0.3 ppt in Q3, but this was not enough to push growth up to the targeted level of around five percent. On the production side, the services sector, including the fast-growing business process outsourcing (BPO) industry, continued to drive growth. Industry, in particular exports manufacturing, was buffeted by weaker demand, while agriculture suffered from typhoon damages, highlighting the need to improve disaster and risk management. The country is benefiting from strong macroeconomic fundamentals, political stability, and a popular government that is seen by many as committed to improving governance and reducing poverty. Several reforms have successfully started, notably in public financial management. However, the window of opportunity is narrowing given elections in 2013 and 2016 and the historical difficulty of moving forward with reforms when the campaign period kicks in. Now is the time to implement the reforms needs to accelerate growth, create jobs, and reduce poverty. en
dc.language English
dc.language.iso en_US
dc.publisher World Bank, Manila
dc.rights CC BY 3.0 IGO
dc.rights.holder World Bank
dc.subject Output
dc.subject Demand
dc.subject Employment
dc.subject Poverty
dc.subject Poverty reduction
dc.subject Financial markets
dc.subject Inflation
dc.subject Poverty reduction
dc.subject Monetary policy
dc.subject Fiscal policy
dc.subject Economic costs of disasters
dc.subject Conflict and displacement
dc.subject Real estate
dc.subject Disbursements
dc.subject Absorptive capacity
dc.title Philippines Quarterly Update, March 2012 en
dc.title.subtitle From Stability to Prosperity for All en
dc.type Report en
dc.type Rapport fr
dc.type Informe es
dspace.entity.type Publication 2012-03
okr.doctype Economic & Sector Work :: Economic Updates and Modeling
okr.doctype Economic & Sector Work
okr.identifier.externaldocumentum 000333037_20120612011744
okr.identifier.internaldocumentum 16360895 69833
okr.imported true
okr.language.supported en
okr.pdfurl en
okr.region.administrative East Asia and Pacific Philippines
okr.sector Public Administration, Law, and Justice
okr.theme Economic management :: Analysis of economic growth
okr.theme Economic management :: Macroeconomic management
okr.topic Macroeconomics and Economic Growth :: Fiscal & Monetary Policy
okr.topic Conflict and Development :: Armed Conflict
okr.topic Conflict and Development :: Disaster Management
okr.topic Macroeconomics and Economic Growth :: Economic Forecasting
okr.topic Macroeconomics and Economic Growth :: Economic Growth
okr.topic Macroeconomics and Economic Growth :: Economic Policy, Institutions and Governance
okr.topic Poverty Reduction :: Employment and Shared Growth
okr.topic Private Sector Development :: Land and Real Estate Development
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