Having shed its sick man moniker and recognized as Asia’s bright spot, the country stands as a resilient harbor amid turbulence in the global economy.
The cover art, showing vibrant, dynamic splashes of color forming a circle, represents the virtuous cycle the Philippines has earned for itself after restoring confidence in its economy, institutions, and people.
The major disasters that hit the country, causing loss of thousands of lives, displacement of several millions of people, major disruption in the utility services in the severely affected areas posed a threat to our economy. Nonetheless, the country still managed to muster a 7.2 percent real gross domestic product (GDP) growth in 2013 outpacing other Southeast Asian peers, next to Lao PDR.
For much of 2012, the Philippines was the center of economic gravity in the Association of South East Asian (ASEAN) Region, posting a better than expected 6.6 percent Gross Domestic Product (GDP) growth rate to become one of the fastest growing economies in the world.
Economic Highlights: In 2011, the Philippine economy grew by 3.7 percent in face of macroeconomic headwinds and natural calamities that roiled the global economy. Slow US recovery, sovereign det turmoil in the euro zone, political unrest in the Middle East and North Africa (MENA), the 9.0 magnitude earthquake, tsunami and nuclear fallout in Japan, and heavy flooding in Thialand, among others, challenged the economies of the Philippines and the Asia Pacific Region.
Economic Highlights: In 2010, the Philippine economy grew by 7.6 percent, recording one of its best performances since 1976. On a regional level, this strong recovery compares well with Thailands 7.8 percent growth and Malaysias 7.2 percent growth. Global economic recovery, rebound in exports, rise in consumer and business spendsing alongside renewed public trust in the new administration, all paved the way for this economic feat.
Economic Highlights: In 2009, the Philippine economy felt the full brunt of the global financial crisis. Real GDP growth declined to 1.1 percent from 3.7 percent in 2008. However, this growth rate was better than those of the countrys peers in the ASEAN region whose economies contracted, like that of Thailand (-2.3 percent), Singapore (-2.0 percent), and Malaysia (-1.7 percent). The strong performance of the services sector as well as the stimulus program implemented by the government, which fuelled higher government consumption and investments, sustained economic growth. The economy also derived strength from the comprehensive economic reforms that were firmly put in place as far back as the 1990s, which have made the economy less vulnerable to external shocks.
Economic Highlights: In 2008, the US economy fell into recession, prompted by the worst financial crisis since the Great Depression. This sent ripples of turmoil across the globe, dampening growth prospects for the rest of the world economies.The Philippine economy was no exception as the crisis brought myriad of challenges, including uncertainties in the labor front with a number of Overseas Filipino Workers (OFWs) losing their jobs in host economies, as well as the steep decline of the export sector. In spite of the negative developments, the economy managed to post a modest 3.8 percent real GDP growth, a deceleration from the 7.1 percent expansion in 2007.Growth remained broad-based, fueled by industry and services, growing 5.0 percent and 3.3 percent, respectively. On expenditure side, government consumption, private consumption and investment were growth drivers, as exports posted a 1.9 percent decline.