Philippines

Philippines is one of the four little tiger countries in Asia. It is located in Southern Asia, between the Philippine Sea and South China Sea. This report discussed about the process of development during the seventeen years from 1990 to 2006 by looking at the four economic variables, three non economics measures of well-being, and the correlation test between degree of openness and growth in GDP per capita.
First of all, we discuss about four economic variables including GDP per capita (measured in constant 2000 U.S dollars), inflation, exports of goods and services (measured in constant 2000 U.S dollars), and imports of goods and services (measured in constant 2000 U.S dollars). GDP per capita generally measures the overall economic well-being of a population, so the higher number in GDP, it is better for the economics. Philippines’ GDP per capita (constant 2000 US$) decreased 3% from $918.40 in 1990 to $892.05 in 1991 and 2% from $918.40 in 1991 to $874.65 in 1992. From 1993 to 2006, GDP per capita has been increasing gradually 32% from $873.06 to $1,154.49 during fourteen years except for the Asian Financial Crisis in 1998. The average of GDP per capita of Philippines during seventeen years from 1990 to 2006 is $976.07.  
Inflation is the rate of change in price, so the higher number in inflation the economics got worse. Over the seventeen years, the average inflation of Philippines was 7.48%. Before the Asian Financial Crisis in 1998, the peak of the inflation increased from 12.68% in 1990 to 18.49% and decreased to 5.59% in 1997. Following the devaluation of the Thai Baht on July 2nd 1998, the Philippines Peso plunged 10% against the U.S dollars, so the inflation was up from 5.59% in 1997 to 9.27 % in 1998 and decreased to 3.95% in 2000.   Due to the global recession, the inflation increased from 3.95% in 2000 to 6.80% in 2001 and decreased to 3% in 2002. [continues]

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