The Philippines Economy

Paper Summary:

This paper explains that both the Philippines and Thailand, which represent bright spots in a region of the world that has not always enjoyed economic prosperity, have solidly embraced the concepts of globalization, a free market economy and close ties with the United States. The author points out that the lion's share of the economic misery of the Asian monetary crisis went to those Asian nations, which had been enjoying record levels of growth just a few months before; Thailand was more severely affected than the Philippines. The paper reviews several economic factors, such as the comparative soundness of banks in the Philippines and Thailand, that might have influenced this situation. Many comparative graphs.

Table of Contents
Introduction
Background and Overview
Economic Indicators: The Philippines versus Thailand
Philippines
Thailand
Comparison of Impact of the Asian Financial Crisis on the "Asian Tigers."
Average Annual GDP Growth
Soundness of Banks
Total Expenditure for R&D as % of GNP
Administrative Burden for Start-Ups
Adult Literacy Rate
Average Years of Schooling
Flexibility of People to Adapt to New Challenges
Professional and Technical Workers as % of the Labor Force
University Education Meets the Needs of a Competitive Economy
Conclusion

From the Paper:

"The Asian financial crisis of the 1990s represented one of the last major economic challenges to the processes of globalization that had started several years before; in fact, Y. C. Jao (2001) points out that from an international perspective, the Asian financial crisis was "the most serious regional financial crisis since the European monetary crisis of 1992-93 and the Mexican peso crisis of 1994-95. However, for the Asian region alone, the Asian financial crisis is the most devastating economic and financial catastrophe since the Korean War of 1950-53" (p. 3). According to Arthur Grimes (1998), the Asian financial crisis began in earnest in July 1997 as a result of the depreciation of the Thai baht; by the end of 1997 the crisis had spread to virtually all Asian economies (with the exceptions noted below)."

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