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Publication Detail
CN2014-02: MACROVIEW: 2013 Economic Performance and 2014 Prospects and Challenges

This article provides an analysis of the 2013 economic performance and an assessment of the issues affecting growth prospects for 2014. It noted that the economy posted a robust growth in 2013 despite the destruction brought by calamities and the relatively weak global economy. Solid macroeconomic fundamentals affirmed the strength and resiliency of the economy in 2013 as GDP accelerated by 7.2 percent in 2013 from 6.8 percent in 2012, surpassing the government’s target of 6.0-7.0 percent.

Despite the remarkable growth, however, inclusive growth remains a major challenge. The improvement in poverty incidence among population has been marginal from 26.3% in 2009 to 25.2% in 2012. The magnitude of poor population even increased by almost half a million from 23.3 million in 2009 to 23.8 million in 2012. There was a slight increase in unemployment rate in 2013 to 7.1% from 7.0% in 2011 and 2012. Underemployment rate also remain high.

The paper stresses the need to sustain the growth momentum to achieve inclusive growth. Bolstering investments, which is crucial in the attainment of high and sustained growth, remains a paramount task for the government. Policies to promote regional economic development should also be pursued which entails giving proper attention to the agriculture sector where a sizeable portion of the poor is employed. Strengthening support for micro, small and medium enterprises (MSMEs) should be given priority because of their extensive presence in the regions. Disaster mitigation programs and projects, including disaster preparedness and post-disaster management and recovery strategies, also need to be strengthened as the poor are very vulnerable to natural calamities.

Congressional Policy and Budget Research Department
Authors Keywords
Sawali, Rosemarie R.; inclusive growth; 2013 Economic Performance; 2014 Prospects and Challenges; CPBO; CPBRD;
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Published in 2014 and available for Downloaded 325 times since November 05, 2015
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