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Publication Detail
30220: Philippine development policy update: fiscal management and competitiveness

The Philippines has achieved reasonable economic growth of about four percent per annum over the past two years in spite of adverse global developments (e.g., slow world economic growth, depressed demand for electronics, the war in Iraq, and SARS), sporadic conflict in Mindanao, political uncertainty, and investor concerns regarding fiscal sustainability. Interestingly, this growth has been geographically widespread with agriculture and service sector growth being particularly prominent. However, the country's high population growth rate translates to a per capita income of only two percent per annum. As such, poverty reduction has been modest for the period.

World Bank
Authors Keywords
World Bank; World Trade Organization; capital markets; fiscal management; tax measures; unemployment; agriculture sector; competitiveness; monetary policy; balance of payments; fiscal policy; public sector; public finance; banking sector; tax administration; agricultural production; banking; tax system; foreign exchange;
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