Download or read book Philippines written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2015-09-04 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2015 Article IV Consultation highlights that the Philippine economy continues to expand strongly in line with potential growth. Real GDP grew by 6.1 percent in 2014, driven by household consumption, private construction, and exports of goods and services. Economic growth slowed in the first quarter of 2015, owing mainly to temporary factors, including the effects of dry weather on agricultural production, weak global demand for exports, and slow budget execution. The outlook for the Philippine economy remains favorable despite uneven and generally weaker global growth prospects. Real GDP is projected to grow by 6.2 percent in 2015, as lower commodity prices lift household consumption and improved budget execution raises public spending.
Download or read book The Report Philippines 2015 written by Oxford Business Group and published by Oxford Business Group. This book was released on 2015-04-06 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Government has been Widely Commended for its Efforts to improve business conditions and Reduce Corruption, The while a Relatively conservative fiscal policy has Helped boost the economy's Credibility and steer investment into the : private sector. With the economy concentrated in the Metro Manila region, major Challenges lie ahead in overcoming long-standing infrastructure bottlenecks and developing stronger energy and manufacturing sectors. Yet the government is increasing its efforts to spread manufacturing and business process outsourcing growth across the country, and clear obstacles to developing other sectors where outlying regions have strong potential. 2015 is set to mark the inaugural year of the ASEAN Economic Community, with the Philippines playing an integral role in the foundation of this ambitious regional venture.
Download or read book Philippines written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2014-08-08 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt: KEY ISSUES Context. Growth remains rapid, but has moderated from the 71⁄4 percent recorded in 2013. Remittances and accommodative monetary and financial conditions remain the primary growth drivers, despite volatile capital flows, slowing activity in the region and severe natural disasters. Inflation has picked up to over 4 percent, while the current account remains in surplus. Local financial markets were moderately impacted by the Fed’s “taper talk and action,” weakening the peso and equity prices. Credit growth has quickened, especially to construction. Potential growth has risen to about 6?61⁄4 percent. However, persistent weakness in the business climate is a risk to sustained growth and hinders job creation. Foreign ownership restrictions, inadequate infrastructure and high doing-business costs have held back overall investment and employment. Along with frequent natural disasters, this has kept poverty elevated, thereby sustaining outward migration. Outlook and risks. Normalizing financial conditions are forecast to ease growth to 6?61⁄2 percent over the medium term, while keeping inflation within the band and moderating the current account surplus. Abrupt changes in global financial conditions and a sharp growth slowdown in EMs are among the external growth risks. On the domestic front, excessive flow of real and financial resources to the property sector could increase volatility of asset prices and GDP growth over the longer run. Policy recommendations. A more restrictive policy stance is needed to preserve macro- financial stability, with rebalancing of the mix to allow higher public investment spending, while implementing reforms to sustain vibrant growth and make it more inclusive: • Absorbing liquidity and raising official interest rates would address second-round inflation effects and potential overheating and financial stability risks. Allowing the exchange rate to adjust more fully to structural inflows, while smoothing the effect of cyclical flows, would limit further sustained reserve buildup. • Addressing specific risks from real estate and large credit exposures requires further targeted measures and broadening the BSP’s mandate to include financial stability. This would help prevent diversion of systemic risk to shadow banking and strengthen tools to manage risks from deepening cross-border financial integration. • Raising the fiscal deficit from below 11⁄2 percent of GDP in 2013 to 2 percent of GDP in 2014 to accommodate reconstruction spending should be accompanied by tighter monetary and financial conditions. Mobilizing sizable additional stable revenue would ensure room for structural spending priorities while preserving fiscal prudence. • Improving the investment climate by relaxing foreign ownership limits, reducing red tape, limiting tax holidays, and reducing labor and product market rigidities would enhance competition, support PPP execution and create employment opportunities within the Philippines.
Download or read book Evolving Monetary Policy Frameworks in Low Income and Other Developing Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-10-23 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.
Download or read book Poverty in the Philippines written by Asian Development Bank and published by Asian Development Bank. This book was released on 2009-12-01 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: Against the backdrop of the global financial crisis and rising food, fuel, and commodity prices, addressing poverty and inequality in the Philippines remains a challenge. The proportion of households living below the official poverty line has declined slowly and unevenly in the past four decades, and poverty reduction has been much slower than in neighboring countries such as the People's Republic of China, Indonesia, Thailand, and Viet Nam. Economic growth has gone through boom and bust cycles, and recent episodes of moderate economic expansion have had limited impact on the poor. Great inequality across income brackets, regions, and sectors, as well as unmanaged population growth, are considered some of the key factors constraining poverty reduction efforts. This publication analyzes the causes of poverty and recommends ways to accelerate poverty reduction and achieve more inclusive growth. it also provides an overview of current government responses, strategies, and achievements in the fight against poverty and identifies and prioritizes future needs and interventions. The analysis is based on current literature and the latest available data, including the 2006 Family Income and Expenditure Survey.
Download or read book Fiscal Policy and Long Term Growth written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-04-20 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.
Download or read book The Global Findex Database 2017 written by Asli Demirguc-Kunt and published by World Bank Publications. This book was released on 2018-04-19 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2011 the World Bank—with funding from the Bill and Melinda Gates Foundation—launched the Global Findex database, the world's most comprehensive data set on how adults save, borrow, make payments, and manage risk. Drawing on survey data collected in collaboration with Gallup, Inc., the Global Findex database covers more than 140 economies around the world. The initial survey round was followed by a second one in 2014 and by a third in 2017. Compiled using nationally representative surveys of more than 150,000 adults age 15 and above in over 140 economies, The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution includes updated indicators on access to and use of formal and informal financial services. It has additional data on the use of financial technology (or fintech), including the use of mobile phones and the Internet to conduct financial transactions. The data reveal opportunities to expand access to financial services among people who do not have an account—the unbanked—as well as to promote greater use of digital financial services among those who do have an account. The Global Findex database has become a mainstay of global efforts to promote financial inclusion. In addition to being widely cited by scholars and development practitioners, Global Findex data are used to track progress toward the World Bank goal of Universal Financial Access by 2020 and the United Nations Sustainable Development Goals. The database, the full text of the report, and the underlying country-level data for all figures—along with the questionnaire, the survey methodology, and other relevant materials—are available at www.worldbank.org/globalfindex.
Download or read book Global Financial Stability Report April 2015 written by International Monetary Fund. Monetary and Capital Markets Department and published by INTERNATIONAL MONETARY FUND. This book was released on 2015-04-15 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current report finds that, despite an improvement in economic prospects in some key advanced economies, new challenges to global financial stability have arisen. The global financial system is being buffeted by a series of changes, including lower oil prices and, in some cases, diverging growth patterns and monetary policies. Expectations for rising U.S. policy rates sparked a significant appreciation of the U.S. dollar, while long term bond yields in many advanced economies have decreased—and have turned negative for almost a third of euro area sovereign bonds—on disinflation concerns and the prospect of continued monetary accommodation. Emerging markets are caught in these global cross currents, with some oil exporters and other facing new stability challenges, while others have gained more policy space as a result of lower fuel prices and reduced inflationary pressures. The report also examines changes in international banking since the global financial crisis and finds that these changes are likely to promote more stable bank lending in host countries. Finally, the report finds that the asset management industry needs to strengthen its oversight framework to address financial stability risks from incentive problems between end-investors and portfolio managers and the risk of runs due to liquidity mismatches.
Download or read book The Report Philippines 2016 written by Oxford Business Group and published by Oxford Business Group. This book was released on 2016-04-08 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Philippines emergence as a growth leader has been building gradually since the 1990s, following a long period of low growth and political upheaval. As of the 2010s improved governance under the administration of President Benigno Aquino III has helped to accelerate foreign direct investment (FDI) in business process outsourcing while reviving FDI into the manufacturing sector. This, and a demographic bulge in the young adult bracket, helped bring the average pace of growth in the first half of the 2010s to 6.3%, beating all the country’s main South-east Asian peers.
Download or read book The Liquidation of Government Debt written by Ms.Carmen Reinhart and published by International Monetary Fund. This book was released on 2015-01-21 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression, a tax on bondholders and savers via negative or belowmarket real interest rates. After WWII, capital controls and regulatory restrictions created a captive audience for government debt, limiting tax-base erosion. Financial repression is most successful in liquidating debt when accompanied by inflation. For the advanced economies, real interest rates were negative 1⁄2 of the time during 1945–1980. Average annual interest expense savings for a 12—country sample range from about 1 to 5 percent of GDP for the full 1945–1980 period. We suggest that, once again, financial repression may be part of the toolkit deployed to cope with the most recent surge in public debt in advanced economies.
Download or read book Causes and Consequences of Income Inequality written by Ms.Era Dabla-Norris and published by International Monetary Fund. This book was released on 2015-06-15 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the extent of income inequality from a global perspective, its drivers, and what to do about it. The drivers of inequality vary widely amongst countries, with some common drivers being the skill premium associated with technical change and globalization, weakening protection for labor, and lack of financial inclusion in developing countries. We find that increasing the income share of the poor and the middle class actually increases growth while a rising income share of the top 20 percent results in lower growth—that is, when the rich get richer, benefits do not trickle down. This suggests that policies need to be country specific but should focus on raising the income share of the poor, and ensuring there is no hollowing out of the middle class. To tackle inequality, financial inclusion is imperative in emerging and developing countries while in advanced economies, policies should focus on raising human capital and skills and making tax systems more progressive.
Download or read book PISA 2015 Results written by and published by . This book was released on 2017-06-15 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: Each volume developed under the direction of Andreas Schleicher, Yuri Belfali and others.
Download or read book The Measurement of Scientific Technological and Innovation Activities Frascati Manual 2015 Guidelines for Collecting and Reporting Data on Research and Experimental Development written by OECD and published by OECD Publishing. This book was released on 2015-10-08 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: The internationally recognised methodology for collecting and using R&D statistics, the OECD's Frascati Manual is an essential tool for statisticians and science and innovation policy makers worldwide. It includes definitions of basic concepts, data collection guidelines, and classifications ...
Download or read book The Future of Productivity written by OECD and published by OECD Publishing. This book was released on 2015-12-11 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses the rising productivity gap between the global frontier and other firms, and identifies a number of structural impediments constraining business start-ups, knowledge diffusion and resource allocation (such as barriers to up-scaling and relatively high rates of skill mismatch).
Download or read book Doing Business 2015 written by World Bank and published by World Bank Publications. This book was released on 2014-10-24 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: Twelfth in a series of annual reports comparing business regulation in 189 economies, Doing Business 2015 measures regulations affecting 10 areas of everyday business activity: Starting a business Dealing with construction permits Getting electricity Registering property Getting credit Protecting minority investors Paying taxes Trading across borders Enforcing contracts Resolving insolvency Labor market regulations This year's report will present data for a second city for the 11 economies with more than 100 million inhabitants. These are Bangladesh, Brazil, China, India, Indonesia, Japan, Mexico, Nigeria, Pakistan, the Russian Federation, and the United States. Three of the 10 topics covered have been expanded, with further plans to expand on five additional indicators in next year's report. Additionally, the Doing Business rankings are now based on the distance to the frontier measure where each economy is evaluated based on how close their business regulations are to the best global practices. This provides a more precise view of each economy's performance and its improvement over time. The report updates all indicators as of June 1, 2014, ranks economies on their overall 'ease of doing business,' and analyzes reforms to business regulation identifying which economies are strengthening their business environment the most. Doing Business illustrates how reforms in business regulations are being used to analyze economic outcomes for domestic entrepreneurs and for the wider economy. It is a flagship product produced in partnership by the World Bank and IFC that garners worldwide attention on regulatory barriers to entrepreneurship. More than 60 economies have used the Doing Business indicators to shape reform agendas and monitor improvements on the ground. In addition, the Doing Business data has generated over 2,000 articles in peer-reviewed academic journals since its inception.
Download or read book ASEAN Financial Integration written by Geert Almekinders and published by International Monetary Fund. This book was released on 2015-02-23 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: The establishment of the ASEAN Economic Community (AEC) at end-2015 has brought into sharp focus the issue of financial and economic integration in the region. This paper takes stock of ASEAN’s financial integration and prospects. ASEAN integration could accelerate in the years ahead; it will likely be a safe, gradual process consistent with the “ASEAN way” of consensus decision-making. Properly phased and sequenced, closer financial integration has the potential to help increase real incomes and accelerate real convergence within ASEAN and narrow the region’s gap with advanced Asia. Realizing the promise of financial integration will require ASEAN countries to make long-term investments in financial infrastructure. Policymakers can draw on the experience of their more advanced peers and of other regions. Gradualism and safeguards should not be excuses for inaction or financial protectionism. Reliance on flexible policy frameworks and a strengthened and tested regional financial safety net should be part of the agenda. Closer engagement with the Fund could also help.
Download or read book Global Monitoring Report 2015 2016 written by World Bank;International Monetary Fund and published by World Bank Publications. This book was released on 2015-11-02 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Global Monitoring Report 2015/2016, produced by the World Bank Group in partnership with the International Monetary Fund, comes at an inflection point in both the setting of global development goals and the demographic trends affecting those goals. This year marks the end of the Millennium Development Goals (MDGs) and the launching of the Sustainable Development Goals (SDGs), while the World Bank Group has in parallel articulated the twin goals of sustainably ending extreme poverty and sharing prosperity. This report presents the latest global poverty numbers, based on the 2011 purchasing power parity (PPP) data, and examines the pace of development progress through the lens of the evolving global development goals. The special theme of this year's report examines the complex interaction between demographic change and development. With the number of children approaching a global ceiling of two billion, the world's population is growing slower. It is also aging faster, with the share of people of working age starting a decline in 2013. But the direction and pace of these trends vary starkly across countries, with sizeable demographic disparities between centers of global poverty (marked by high fertility) and drivers of global growth (marked by rapid aging). These demographic disparities are expected to deeply affect the pursuit of the post-2015 agenda, accentuating existing challenges and creating new opportunities.
