Economy Wawawawa

As we student of new generation…

WHAT CAN WE SAY ABOUT PHILIPPINES ECONOMY?

The per capita income of a certain country is the GDP of that country divided by the total population. In the Philippines the per capita income is approximately $700. When compared to the per capita income of the United States, which is about $22,000, it is easy to tell that the economy of the Philippines is very, very poor.

% FROM AGRICULTURE: 17.1 (important because you would think that since they mainly produce agricultural products that its percentage would be the highest)% FROM SERVICES: 39.2 (also important because you wouldn't think that this one would be the highest)

Traditionally, our country Philippines have been primarily an exporter of raw materials and an importer of manufactured goods. This is the role that many "third world” countries play in the global economy. Electronic and automotive parts, along with garments are the leading merchandise exports of the country. However, the Philippines also rely heavily on import inputs. The country also exports bananas, coconuts, copper, gold, lumber, pineapples and sugar.

Our country Philippines mostly imports manufactured goods. Certain items remain subject to import regulations such as narcotic drugs, firearms, ammunition, etc. Their chief imports include chemicals, machinery, and petroleum.

Philippines, like any other country, cannot produce everything that it needs. Instead, it relies heavily on foreign trade. Specialization in production allows for each nation to produce what it produces best, and to trade for products, which it cannot produce as well. This means that if you are better at one thing and I am better at another, rather than each of us trying to do both, we would each do what we are best at.

For me as a student despite the desolate overall world economic conditions at the moment the same stormy clouds for the industrial and more developed economies are creating conditions that favor the...