Philippine economy improving, no new jobs created

Philippine economy improving, no new jobs created

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The latest report from the Asian Development Bank (ADB) has mentioned that the economy in the Philippines will continue to grow in 2013 and 2014. The new prediction of growth has been made on the basis of significant domestic consumption and the investment increase. However, it is also mentioned that the country's economic growth will not help in creating new jobs and will also not help in decreasing poverty levels.

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The country's economy proceeds to be flexible towards risks in the global market with a strong domestic demand, as well as expansion in private and public investment. Norio Usui, the senior country economist at ADB said that the Philippine economy is also affected by higher business confidence and low inflation and interest rates.

Celia Reyes, the senior researcher at the Philippines Institute for Development Studies said, “Economic growth has been accelerating since the first quarter of 2012”. The revised Asian Development Outlook of ADB was released earlier in October 2013 and stated that there was a growth in the country’s gross domestic product at seven percent, which is up from six percent in the April 2013 estimates.

ADB also said that growth drivers will continue to increase economic activity in the short-term, with the interest rate environment and benign inflation.

Photo Credits: Interaksyon

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