Economics
- Submitted by: bhawley
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- Category: Politics: Economics
- Date Submitted: 11/23/2010 04:20 PM
- Pages: 6
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ECONOMICS
Overview of Economies
Australia and The Philippines are both very different countries and their economies follow quite closely to this comparison. The Philippines’ economy has been ranked as the 36th largest in the world whereas Australia is ranked 18th.
Since the leadership of Ferdinand Marcos The Philippines economy went from a well established market economy to on which was more centrally planned. This proved to be quite disastrous. The Philippines suffered economically for quite some time and it is only since the 1990s that the economy has started to recover. On the flipside Australia, although in a region of many developing countries has an economy that is on par with many of the leading European countries. This can be accredited to a 17 year period of solid growth. This economic boom had much emphasis on reforms, comparatively low inflation, a housing market boom and strengthening relations with China. Confidence in both consumers and businesses together with high export prices for commodities and agricultural products fueled the economy to such an extent that it almost ‘overheated’. Unfortunately this boom ended with the recent Global Financial Crisis.
Pattern and Structure of Industry
Much of the industrial production in The Philippines is centered on processing and assembly operations of items such as food, beverages, tobacco, rubber products, textiles, paints, veneer, paper and paper products. Other heavier industries are dominated by the production of cement, glass, industrial chemicals and other commodities. However they also rely quite heavily on the shipment of electronic goods for about two-thirds of export revenues. Outsourcing industry is also growing very fast in the country. It is estimated that the majority of the top 10 call centres from the US will be based in The Philippines.
Australia, on the other hand, has an economy that has features of a western economy. The service sector is one of the main contributors to Australia’s...
Overview of Economies
Australia and The Philippines are both very different countries and their economies follow quite closely to this comparison. The Philippines’ economy has been ranked as the 36th largest in the world whereas Australia is ranked 18th.
Since the leadership of Ferdinand Marcos The Philippines economy went from a well established market economy to on which was more centrally planned. This proved to be quite disastrous. The Philippines suffered economically for quite some time and it is only since the 1990s that the economy has started to recover. On the flipside Australia, although in a region of many developing countries has an economy that is on par with many of the leading European countries. This can be accredited to a 17 year period of solid growth. This economic boom had much emphasis on reforms, comparatively low inflation, a housing market boom and strengthening relations with China. Confidence in both consumers and businesses together with high export prices for commodities and agricultural products fueled the economy to such an extent that it almost ‘overheated’. Unfortunately this boom ended with the recent Global Financial Crisis.
Pattern and Structure of Industry
Much of the industrial production in The Philippines is centered on processing and assembly operations of items such as food, beverages, tobacco, rubber products, textiles, paints, veneer, paper and paper products. Other heavier industries are dominated by the production of cement, glass, industrial chemicals and other commodities. However they also rely quite heavily on the shipment of electronic goods for about two-thirds of export revenues. Outsourcing industry is also growing very fast in the country. It is estimated that the majority of the top 10 call centres from the US will be based in The Philippines.
Australia, on the other hand, has an economy that has features of a western economy. The service sector is one of the main contributors to Australia’s...