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Philippines Economic Growth

Essay by   •  July 18, 2011  •  Essay  •  520 Words (3 Pages)  •  1,722 Views

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Philippines Economic Growth

Essay "Philippines Economic Growth " from category Economics

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Philippines Economic Growth 1 _Philippines Economic Growth The Philippines has a representative democracy modeled on United State 's system of government . Its republic type of government has also a presidential system of government with bicameral legislature and an independent judiciary wherein the president is limited to six years of terms . Whenever there are troubles experienced within the government of the Philippines , leaders tends to seek help and often times united States always offers help and assistance to the Philippines . Although historically speaking , they were once the conquerors of the Philippines .Both government are being attcked by terrorist which opposes the kind of leaders and leadership in the country . Philippines is considered as one newly industrialized country located in South east Asia . It is also the fastest growing economy in Southeast Asia posting a GDP growth rate of 7 .5 in 2007 's second quarter (Hookway , 2007 .p .A1 . As compared to the United States the GDP of the Philippines is really far from US ' GDP rate of 88 over the past decades and until the present . United States is really a great country and is considered to be where the world 's largest gross domestic product rate is . GDP per capita of the Philippines is estimated to be 5 ,700 in 2007 which is far behind the GDP per capita of the United States which is estimated 44 ,000 for this year ( US treasury Dept . 2007 ) Unemployment rates in the Philippines is 7 .9 while US is just half of it at 4 .4 . This reflects how hardworking the Americans as compare to Filipinos who merely wants a simple life and simple way of living .Inflation rates in the Philippines is 2 .3 which makes the economy more hopeful in the present statistics . The national government debt as a percentage of GDP rates in the Philippines is as high as 316 .65 billion or 69 .9 of GDP while United States only has 19billion or 0 .16 of GDP (wikipedia ) The level of technological development in the Philippines is not also as greater than in the United states . The Philippines is attracted to Japan made products and China influenced imitation of much lower quality technologies as compared to hight technological quality provided in the United States . This is one great disappointment regarding consumer decision making bf Filipinos who tends to buy more goods and commodities at a cheaper price but not of high quality . They tend to overlook the specifications of a certain of product because of high costs . The level of infrastructural development in the Philippines is not really that far , because the country is taking its phase in cities where rises of buildings and commercial establishments are rampant . There are certain

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