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Philippine Economic Update : Accelerating Reforms to Meet the Jobs ChallengeThe Philippine economic update provides an update on key economic and social developments, and policies over the past 6 to 12 months. It also presents findings from recent World Bank studies on the Philippines. The Philippine economy expanded by 6.6 percent in 2012, exceeding most expectations, including the government's own target of 5 to 6 percent. The pace and efficiency of national government spending improved remarkably in 2012. Higher government spending was matched by a significant increase in revenue collection, with a strong contribution from improved tax administration. Total tax revenues grew by 13.2 percent and tax effort increased from 12.3 to 12.9 percent of Gross Domestic Product (GDP)-the highest increase in decades attributable to improved tax administration. The medium-term growth prospects for the Philippines are good. GDP growth is projected at 6.2 percent in 2013, driven by domestic demand. There is no silver bullet for creating more and better jobs, as it is linked to resolving deep-seated, structural issues in the economy. Only a comprehensive reform agenda implemented across sectors can foster a business environment conducive to private sector job creation by firms of all sizes. A unique window of opportunity exists today to accelerate reforms that will help create more and better jobs.
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Philippine Economic Update, December 2012The Philippine economy has emerged as
 one of the fastest growing economies in East Asia, with
 growth accelerating to 7.1 percent in the third quarter. The
 acceleration of domestic demand since the first quarter of
 2012 reflects the country's strong macroeconomic
 fundamentals, stronger government finances, and high
 confidence in the Aquino government's commitment to
 reform. Sound macroeconomic fundamentals, as seen in low
 inflation, and large current account surpluses and foreign
 exchange reserves, have continued to shield the economy from
 external headwinds, while a more diversified export basket
 allowed total exports to grow, despite the decline in
 electronics exports. Overall, the economy is expected to
 expand by over six percent this year, up from 3.9 percent
 last year. However, more structural reforms are needed to
 create more and better jobs, as the overall labor market
 outcome has been less responsive to the higher economic
 growth. The economy needs to shift from consumption towards
 investment, both public and private. The special focus
 sections of this update demonstrate that the implementation
 of such reforms can have high payoffs in terms of jobs and
 inclusive growth. Finally, by scaling-up and broadening
 several open government/open data initiatives in the
 country, the strengthening of inclusive institutions would
 be greatly enhanced, in line with the core principles of
 this government.
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Guinea-Bissau Country Economic Memorandum : Terra Ranca! A Fresh StartAfter decades of turmoil and instability, a period of calm and progress evolved in Guinea-Bissau in 2009. A military coup in April 2012 interrupted it. A fresh start is needed to alter the dynamics that kept Guinea-Bissau poor. In 2013, Gross National Income per capita was US$590. Average economic growth barely kept pace with population growth. In 2010, poverty at the national poverty line of US$2 a day was 70 percent; extreme poverty at US$1 a day was 33 percent. These numbers have increased from their 2002 levels and they are estimated to have increased further since 2010. It is time to make a fresh start and turn the page on anemic growth and poverty. Guinea-Bissau s elections of May and June 2014 are described by many observers as the freest and fairest in the country s history. Voter registration and turnout were at record-levels. The conditions for progress and stability are favorable. Guinea-Bissau is a rural economy, almost entirely dependent on a single cash crop: cashew. It is the main source of income for most of the country s poor. Cashew nuts are Guinea-Bissau s main export, accounting for 85 to 90 percent of the country s total exports. The balance of payments is dominated by cashew, on the export side, and food and fuel, among imports. The economy is open, with exports and imports by land and sea amounting to more than 70 percent of GDP. Shocks to cashew, rice and oil prices have a considerable effect on the current account balance. Official Development Assistance (ODA) makes a critical contribution to supporting the state budget. In 2011, Guinea-Bissau ranked 20th among the world s most aid dependent countries. Recently, policy mistakes aggravated an already dire situation. However, the 2014 cashew campaign was been better than the 2013 campaign, and the prospects for a pick-up in growth have improved.