Philippines' economy to reach US$372B by 2018

The Philippines is a Far East Asian island nation located in the eastern Pacific Ocean. The country has the fifth-largest coastline in the world. Situated 750 miles east of Vietnam, the Philippines is separated from Taiwan to the north by the Luzon Strait. The global GDP grew moderately during the last decade, but the GDP of the Philippines grew quite robustly in comparison over the same period. The economy of this country is expected to reach $372 billion at current prices by 2018.

Lucintel, a leading global management consulting and market research firm, has conducted a competitive analysis on this country and presents its findings in Philippines Country Analysis 2013-2018: An Evaluation of Political, Social, Economic, and Social Risk. This study provides a concise overview of the political, economical, social, technological, and business risk associated with the country.

Lucintel discusses the various challenges faced by the Philippines. Geographically, the country is an archipelago located in the “Pacific Ring of Fire,” because of which it is prone to earthquakes and volcanic eruptions. Because of its location, the country frequently faces other natural disasters as well, such as floods and typhoons. The Philippines lags behind the other East Asian countries in terms of R&D and technological innovation. R&D expenditure of the Philippines, which represents a small percentage of GDP, grew moderately from 2001 through 2011.

Lucintel's study encompasses the major drivers of the nation’s economy. The Filipino labor force is large, affordable, skilled, and essentially an English-speaking work force with a high rate of literacy. The Philippines’ well-educated workforce leads to a skilled labor pool, which is beneficial for the telecommunication, information technology, business process outsourcing, and automotive industries, in addition to various business services sectors.

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