Mongolia Vs Philippines

Like Mongolia, the Philippines is a lower-middle income country with a GDP of 399 billion USD and although the two countries are less than five hours away, there is a great contrast between their economic and social situations.While Mongolia is landlocked and heavily dependent on mining, the Philippines is situated on an island with sea ports all around.

It is primarily considered a newly industrialized country, with an economy in transition from one based on agriculture to one based more on services and manufacturing.The economy of the Philippines is the world's 34th largest economy by nominal GDP according to the 2017 estimate of the International Monetary Fund.

It was also defined as the 13th largest economy in Asia and third largest economy in the ASEAN after Indonesia and Thailand. The Philippines is one of the emerging markets and is the sixth richest in Southeast Asia by GDP per capita values, after Singapore, Brunei, Malaysia, Thailand and Indonesia.

The country is expected to become an upper middle-income country by late-2019, with economic growth poised to clock faster driven by an ambitious infrastructure program, according to the National Economic and Development Authority.The economy of Mongolia, on the other hand, is one of the fastest growing economies in the world.

Impressed with the developments in the mining industry and foreign interest increasing at an astonishing rate, Renaissance Capital predicted that the "unstoppable" economic growth would make Mongolia the new Asian tiger, or "Mongolian Wolf" as they prefer to call it.The principal industrial activities in Mongolia are mining and agricultural production, namely cashmere.

GDP from mining averaged almost 1.78 trillion MNT from 2010 to 2017, reaching an all-time high of 3.

97 trillion MNT in the fourth quarter of 2016 and a record low of 3.95 trillion MNT in the first quarter of 2010, as reported by Trading Economics.

Meanwhile, GDP from agriculture averaged nearly one trillion MNT from 2010 to 2017, reaching an all-time high of 2.25 trillion MNT in the fourth quarter of 2017 and a record low of 0.

46 trillion MNT in the first quarter of 2011.I had the chance to talk about the economic situation in the Philippines with local experts during my recent visit to the capital, Manila, for the 51st Annual Meeting of the Asian Development Bank (ADB)'s Board of Governors. After my initial surprise at the scorching but humid weather, I was fairly impressed with the completed and...