The Philippines has one of the most vibrant economies in the East Asia Pacific region, growing at 6.2% in 2018 and 5.9% in 2019. Many more women than men are underutilized in the labour force—85 million compared to 55 million. Promote inclusive and sustainable economic growth, employment and decent work for all. It supports institutional reform at the national and local levels to mobilize domestic and foreign investment. In Sri Lanka family-run businesses promote a peaceful recovery. Overall, 2 billion workers were in informal employment in 2016, accounting for 61 per cent of the world’s workforce. An estimated 172 million people worldwide were without work in 2018 - an unemployment rate of 5 percent. The Philippines' Economic Outlook in Six Charts. Turning up Afghanistan's solar power capacity. Some 700 million workers lived in extreme or moderate poverty in 2018, with less than US$3.20 per day. The Philippines is one of just four countries selected to join the PFG. The global annual growth rate of real GDP per capita increased by 1.3 per cent in 2014, a significant slowdown compared to 2010 (2.8 per cent growth) and 2000 (3.0 per cent growth). In November 2011, the Government of the Philippines and the United States Government agreed to a new Partnership for Growth (PFG) to address the binding constraints to economic growth and development in the Philippines. Investing Partners. MANILA, Philippines — Despite being relatively insulated from the effects of the coronavirus disease 2019, (COVID-19), the Philippines will likely see slower economic growth in … A programme in Nepal helps struggling informal workers. The SDGs promote sustained economic growth, higher levels of productivity and technological innovation. Over the past 25 years the number of workers living in extreme poverty has declined dramatically, despite the lasting impact of the 2008 economic crisis and global recession. Sustainable Development Goal 8: Decent Work and Economic Growth seeks to promote inclusive and sustainable economic growth, employment, and decent work for all. Core funds. It is supporting customs modernization and full implementation of the National Single Window. SDG 8: Decent Work and Economic Growth Latest available data on selected indicators (unemployment rates [male/female]; share of adults with an account at a bank or other financial institution) for the Philippines' Sustainable Development Goal 8. Private consumption dropped 9.3 percent (vs -15.3%) and fixed investment contracted 37.1% (vs -36.5% in Q1). Works with the Philippine public and private sectors to improve the country’s infrastructure in an effort to lower logistics costs that inhibit trade and commerce and helps promote private sector investment in key national infrastructure projects. Women’s participation in the labour force stood at 48 per cent in 2018, compared with 75 percent for men. Supports enhancement of the trade and investment environment, greater competition, expansion of priority sectors such as tourism, manufacturing, and agribusiness, infrastructure development, small and medium enterprise finance, accelerating the shift to electronic payments, and improved fiscal policy and management. Entities. The Philippine economy continues to perform strongly, due in part to robust public investment, with growth projected at 6.5 percent for 2018, and 6.7 percent in 2019, the IMF said in its latest annual economic assessment. Over the past 25 years the number of workers living in extreme poverty has declined dramatically, despite the lasting impact of the 2008 economic … Cleaning up while waiting for tourists to return. Encouraging entrepreneurship and job creation are key to this, as are effective measures to eradicate forced labour, slavery and human trafficking. United Nations Development Programme, Programme of Assistance to the Palestinian People, Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 per cent gross domestic product growth per annum in the least developed countries, Achieve higher levels of economic productivity through diversification, technological upgrading and innovation, including through a focus on high-value added and labour-intensive sectors, Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity and innovation, and encourage the formalization and growth of micro-, small- and medium-sized enterprises, including through access to financial services, Improve progressively, through 2030, global resource efficiency in consumption and production and endeavour to decouple economic growth from environmental degradation, in accordance with the 10-year framework of programmes on sustainable consumption and production, with developed countries taking the lead, By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value, By 2020, substantially reduce the proportion of youth not in employment, education or training, Take immediate and effective measures to eradicate forced labour, end modern slavery and human trafficking and secure the prohibition and elimination of the worst forms of child labour, including recruitment and use of child soldiers, and by 2025 end child labour in all its forms, Protect labour rights and promote safe and secure working environments for all workers, including migrant workers, in particular women migrants, and those in precarious employment, By 2030, devise and implement policies to promote sustainable tourism that creates jobs and promotes local culture and products, Strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance and financial services for all, Increase Aid for Trade support for developing countries, in particular least developed countries, including through the Enhanced Integrated Framework for Trade-Related Technical Assistance to Least Developed Countries, By 2020, develop and operationalize a global strategy for youth employment and implement the Global Jobs Pact of the International Labour Organization. Philippines economic growth for 2016 was $318.63B, a 3.97% increase from 2015. In developing countries, the middle class now makes up more than 34 percent of total employment – a number that has almost tripled between 1991 and 2015. The Philippines remains one of the fastest-growing economies in Asia, but rising uncertainties, including ongoing U.S.-Sino trade tensions, had put this year's 6-7% growth target at risk. Maylene Reyes, 21, is a mother and entrepreneur who saves her earnings with mobile money. Timely measures are important to cushion against the health and economic shocks and protect the most vulnerable people. 600 million new jobs need to be created by 2030, just to keep pace with the growth of the working age population Businesses are engines for job creation and economic growth and foster economic activity through their value chain. UNESCO. As a result of an expanding labour force, the number of unemployed is projected to increase by 1 million every year and reach 174 million by 2020. Improve progressively, through 2030, … The Philippines economy shrank a record 11.5% year-on-year in the third quarter of 2020, following an upwardly revised 16.9 contraction in the previous quarter and worse than market expectations of a 9.8 percent contraction, as the coronavirus pandemic impacted businesses and consumers. The DWCP is a product of extensive consultations with tripartite constituents, focusing on three priorities: employment, labour market governance and social protection. Hands Over Php2.3M in Equipment and WildALERT System to Boost DENR Capacity to Protect Philippine Wildlife, USAID and PBEd Partner with Construction Industry Leaders to Train More Than 5,000 Filipino Youth, United States Commits Php875 Million to Support GPH HIV/AIDS Prevention and Treatment Efforts, The United States is Providing Additional Aid to Respond to Super Typhoon Goni in the Republic of the Philippines, U.S. National Security Advisor Reaffirms Alliance, Announces Military Assistance and Typhoon Relief during Philippines Visit. Building new lives after decades of conflict. Neda said the PDP 2017-2022 targets 7-8 percent gross domestic product (GDP) growth in the medium term, with economic expansion seen trickling down and benefiting more Filipinos. Improving the connectivity between urban and surrounding rural areas. Private consumption and fixed investment continued to collapse amid a weak labor market and suppressed sentiment. It supports institutional reform at the national and local levels to mobilize domestic and foreign investment. New skills for Sri Lankans recovering from conflict. 8. At this year's Photoville exhibit in New York City, UNDP showcases the work of eight leading photographers as they document the effects of a pandemic.…, Giving vulnerable Bangladeshis the resources to cope with climate change. The notable rate of population increase in the Philippines is projected to slow in the future, but should still be substantial. The Sustainable Development Goals also proclaims decent work for sustainable economic growth. By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value. Decent work opportunities are good for business and society. September 27, 2018. A densely populated, low-lying country dominated by floodplains, the country is exceptionally vulnerable to extreme weather. The Philippines economy has been growing fast under Duterte. Restoring small farms and forests in Samoa. Focuses on promoting investment, trade, and private sector growth and on improving fiscal performance. In support of the PFG, USAID economic growth assistance: Around 3 in 5 of the 3.5 billion people in the labour force in 2018 were men. The Philippines has gradually shifted from an agrarian to an industrial and service-oriented economy. 8.1 Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 per cent gross domestic product growth per annum in the least developed countries 8.2 Achieve higher levels of economic productivity through diversification, technological upgrading and innovation, including through a focus on high-value added and labour-intensive sectors A world famous diving destination in Thailand receives help. November 17, 2020. Solar mini-grids to provide cheap and reliable electricity. The U.S. Government’s partnership with the Philippines supports the priorities of the Philippine Development Plan to achieve inclusive and resilient economic growth. Meaningful work for those on the margins of poverty. ILO. The economy shrank sharply in Q3 according to recent data, albeit at a softer rate than Q2’s record downturn. Learn how you can get involved and lend a hand. Assists the Philippines in meeting its international commitments to promote trade policy reform. When businesses are seeing dark days due to the COVID-19 pandemic, organizations in Nepal have been helping women make steady incomes. FAO. Philippines economic growth for 2018 was $346.84B, a 5.59% increase from 2017. 8. Decent Work and Economic Growth Sustainable Development Goal 8 Decent Work and Economic Growth Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all. The country’s economic managers said they now expect the economy to shrink 5.5% this year -- down from earlier estimates for a 2% to 3.4% decline -- before rebounding strongly next year. U.S. Agency for International Development, The Journey to Self-Reliance: Philippines Roadmap, Evaluation Services-USAID Protect Wildlife Activity, U.S. “Growth back to the 6% handle, gives hope to chase full year growth of 6% alive, but will likely be a close call,” said Nicholas Mapa, a senior economist at ING Groep NV in Manila. Philippines Economic Outlook. The COVID-19 pandemic, however, dims the country’s growth prospects in 2020. With these targets in mind, the goal is to achieve full and productive employment, and decent work, for all women and men by 2030. Amidst rising global uncertainty and inflationary pressures, the Philippine economy is poised to remain strong and is projected to grow at 6.5 percent in 2018, 6.7 percent in 2019, and 6.6 percent in 2020. However, as the global economy continues to recover we are seeing slower growth, widening inequalities, and not enough jobs to keep up with a growing labour force. The population is forecast to hit 110 million by 2020, and 125 million by 2030. Goal 8: Decent work and economic growth Goal 8 targets Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 per cent gross domestic product growth per annum in the least developed countries By 2020, substantially reduce the proportion of youth not in employment, education or training. Established by President Obama, the PFG is a “whole-of-government” effort to unlock the growth potential of partner countries to become the next generation of emerging markets. According to the International Labour Organization, more than 204 million people were unemployed in 2015. The Securities and Exchange Commission will also require Sustainability Reports for Publicly Listed Companies, beginning 2020. That’s well above the 5.5% it hovered around in 2015-16. Improve Resource Efficiency in Consumption and Production. 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