What are your suggestions to improve the economic conditions on the Philippines?
Reduce restrictions on foreign investors (e.g., allow foreign competition in sectors and reduce equity limits) Minimize the use of controlled prices to reduce market distortions. Reduce trade costs by improving port and logistics infrastructure. Lower non-tariff barriers and procedural obstacles.
How can we improve the economy?
Economic growth is driven oftentimes by consumer spending and business investment. Tax cuts and rebates are used to return money to consumers and boost spending. Deregulation relaxes the rules imposed on businesses and have been credited with creating growth but can lead to excessive risk-taking.
Which do you think best fits the Philippines in order to boost its economy?
What kind of economic system does the Philippines have? … a mixed economy is the most ideal as it would as it would prevent companies from having too much control over the economy AND allow better gov’t regulations on important commodities.
What can government do to stimulate the economy?
By increasing or decreasing government spending on projects, the government is able to increase employment and economic growth. In a recession, a government can increase spending on various projects to stimulate the economy. An example is building public transit infrastructure.
What are the 4 factors of economic growth?
Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services.
What is the best economic system and why?
Therefore, Capitalism is the best economic system because it rewards the ones that work hard and since the government does not control trade, there is a large variety of goods and creates options for consumers to fit their personal needs. Capitalism is the best economic system for many reasons.
Is Philippines richer than India?
Philippines has a GDP per capita of $8,400 as of 2017, while in India, the GDP per capita is $7,200 as of 2017.
Why Philippines is still a poor country?
Other causes of poverty in the Philippines include low job creation, low economic growth and high levels of population growth. … The high rates of natural disasters and large numbers of people living in rural areas contribute to this hunger problem and make food inaccessible for many in the Philippines.