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NEWS UPDATES Asean Affairs     April 12, 2017  









World Bank says PHL growth became more inclusive

The World Bank on Tuesday noted Philippine economic growth has become more inclusive as poverty incidence among Filipinos significantly dropped in recent years.

"The rapidly growing domestic economy has yielded substantial gains in employment and poverty reduction. This means growth became more inclusive," World Bank lead economist Birgit Hansl told reporters during the launch of Philippines Economic Updates April 2017 in Taguig City.

Citing data from the Philippine Statistics Authority, Hansl noted unemployment fell to a "historic" low of 4.7 percent in 2016, as 1.4 million jobs were created.

"However, the country's 18 percent underemployment level has remained broadly unchanged over the last 10 years, reflecting the prevalence of informality and related job-quality concerns," she added.

Poverty incidence among Filipinos dropped to 21.6 percent in 2015 from 25.2 percent in 2012, which means 1.8 million Filipinos were lifted out of poverty in the span of three years, Hansl said.

"Higher employment, low inflation and improved incomes contributed to the decline in the number of poor people," she noted.

"The implementation of planned infrastructure projects could generate positive spillover effects for the rest of the economy, spurring additional business activity, accelerating job creation, and ultimately contributing to higher householdconsumption and poverty reduction," Hansl said.

For the Philippines to sustain the pattern of inclusive growth, the economist said the country requires an enduring commitment to structural reforms that facilitate private investment.

"This can be achieved by promoting competition, removing restrictions to investments from other countries, simplifying business regulations and protecting property rights which continue to discourage private investment," Hansl said.

"Underinvestment contributes to high rate of informality and low job quality, and it weakens the impact of employment growth in poverty reduction," she said.


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This year in Thailand-what next?


AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


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