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ECONOMIC ANALYSIS

An Analysis
Presented to
The Faculty of College of Business Administration
and Accountancy
De La Salle University -Dasmariñas
Dasmariñas City, Cavite

In Partial Fulfillment
Of the Requirements for the Subject
Economic Development

By

Jumaira B. Bagares
Ferl Diane S. Siño

March 2019
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Introduction

Economic growth, the process by which a nation’s wealth increases over time.

Although the term is often used in discussions of short-term economic performance,

in the context of economic theory it generally refers to an increase in wealth over an

extended period.

The gross domestic product (GDP) is the overall charge of goods and services

created in a republic through a year. Economic growth is viable growth in the quantity

of goods and services formed in a country’s economy within a certain time. The gross

domestic product (GDP) is one of the primary indicators used to gauge the health of a

country's economy. It represents the total dollar value of all goods and services

produced over a specific time period, often referred to as the size of the economy.

GDP is usually calculated on an annual basis; it can be calculated on a quarterly basis

as well. GDP also includes all private and public consumption, government outlays,

investments, private inventories, paid-in construction costs and the foreign balance of

trade (exports less imports).

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DEVELOPED COUNTRIES

A developed country is also termed as an industrialized country. Whereas, it

has advanced technological infrastructure and diverse industrial and service sectors.

In addition, there is a quality healthcare and higher education. Developed countries

have a mature and sophisticated economy which is usually measured by the gross

domestic product (GDP) and/or average income per resident.

Norway

Norway is a developed country and a strong supporter of multilateral efforts

to address global challenges and promote human and economic development around

the world. It has a population of 5.4 million and their currency is called Norwegian

Krone.

Real Gross Domestic Product Growth Rate (Annual %)

4
3
2.7
3
2 2
Percent Change

1.9
2 1.1
1 1
0.5 0.7
1
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
-1
-2 -1.7
Years

The year with the highest percent change in Gross Domestic Product (GDP)

growth rate was in 2007 with 3%. While 2009 had the lowest percent change which

was -1.7%.
 |4

Gross Domestic Product Per Capita (Current US$)

120000 101668.2 103059.2

100711.2
97007.9 97199.9
100000 85170.9 87770.3
80067.2
Percent Change

74498.1 70890 75504.6

80000

60000

40000

20000

0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

The year with the highest gross domestic product (GDP) per capita was in 2013

with one hundred three thousand, fifty-nine pesos and two centavos (103,059.2)

current US dollars. While 2016 had the lowest GDP per capita which was seventy

thousand, eight hundred ninety (70,890) current US dollars.

Consumer Price Index Inflation (Annual %)

4 3.8 3.6
Percent Change

3 2.2 2.4 2.2

2.1 2 1.9
2 1.3
0.7 0.7
1
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

The year with the highest percent change in Consumer Price Index (CPI)

inflation was in 2008 with 3.8%. While 2007 and 2012 had the lowest percent change

which was 0.7%.

 |5

Unemployment Rate (% of total labor force) (Modeled ILO Estimate)

5 4.7
4.3 4.2
4 3.5 3.4 3.5
Percent Change

3.1 3.2 3.1

3 2.5 2.5

0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

The year with the highest percent change in unemployment rate was in 2016

with 4.7%. While 2007 up to 2008 had the lowest percent change which was 2.5%.

Official Exchange Rate (Local Currency Unit per US$) (Period Average)

6.50 6.30
Local Currency Unit

5.90 6.00 5.6 5.90

5.60 5.80
6.00
per US$

5.50

5.00
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

The year with the highest local currency unit per US$ in the official exchange

rate was in 2009 with 6.3 Norwegian Krone. While both 2008 and 2011 had the lowest

local currency unit per US$ which was 5.6 Norwegian Krone.
 |6

Net Export (Constant Local Currency Unit)

1.4E+12 1.203E+12 1.115E+12

1.146E+12 1.107E+12
1.2E+12 1.03E+12 9.75087E+11
9.06902E+11
1E+12
1.066E+12 1.165E+12
9.60458E+11
Trillion

8E+11 1.015E+12
6E+11
4E+11
2E+11
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

The year with the highest net export was in 2008 with one trillion and two

hundred three billion (1,203,000,000,000). While 2016 had the lowest net export

which was nine hundred six billion and nine hundred two million (906,902,000,000).

Foreign Debt

3E+10
24,971,000,000.00
2.5E+10

2E+10 19,376,000,000.00
15,678,000,000.00
1.5E+10
Million

15,748,000,000
8,308,000,000.00
1E+10
12,985,000,000
5E+09 1,332,000,000.00 2,299,000,000.00
-1881000000 -933,666,459
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
-5E+09 2,700,000,000
Years

The year with the highest foreign debt was in 2016 with twenty-four billion,

and nine hundred seventy million (24,971,000,000). While 2007 had the lowest

foreign debt, which was negative one billion eight hundred and eighty one million (-

1,881,000,000).
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Singapore

One of the many developed countries is Singapore. It is an island city-state

located in the Asian continent. Its population as of 2019 is 5.71 million. Their currency

is Singapore dollar.

Real Gross Domestic Product Growth Rate (Annual %)

20
15.2
15
Percent Change

9.1
10 6.4
4.1 5.1
3.9 3.6
5 1.8 2.2 2.4
-0.6
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
-5
Years

The year with the highest percent change in Gross Domestic Product (GDP)

growth rate was in 2010 with fifteen-point two percent (15.2 %). While 2009 had the

lowest percent change which was negative zero-point six percent (0.6%).

Gross Domestic Product Per Capita (Current US$)

80,000.00 56,389.18 57,714.30

53,237.56 54,940.86
Thousand

60,000.00 39,223.58 38,577.56

40,000.00 54,715.69 56,957.08 55,243.13
46,569.68
20,000.00 39,721.05
0.00
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years
 |8

The year with the highest gross domestic product (GDP) per capita was in 2017

with fifty-seven thousand, seven hundred fourteen and thirty (57,714.30) current US

dollars. While 2009 had the lowest GDP per capita which was thirty-eight thousand,

five hundred seventy-seven and fifty-six centavos (38,577.56) current US dollars.

Consumer Price Index Inflation (Annual %)

8 6.63
5.25
Percent Change

6 4.58
4 2.82 2.36
2.1
2 0.6 1.02 0.58
-0.052 -0.53
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
-2
Years

The year with the highest percent change in Consumer Price Index (CPI)

inflation was in 2008 with 6.63%. While 2016 had the lowest percent change which

was -0.53%.

Unemployment Rate (% of total labor force) (National Estimate)

5 4.38
3.9 3.96
4
Percent Change

3.17
2.96 2.88 2.79 2.8
3
2.024
1.69 1.8
2

0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years
 |9

The year with the highest percent change in unemployment rate was in 2009

with 4.38%. While 2015 had the lowest percent change which was 1.69%.

Official Exchange Rate (Local Currency Unit per US$) (Period Average)

2
Local Currency Unit per

1.51 1.41 1.45 1.36 1.26

1.5 1.25 1.25 1.27
1
US$

0.5

0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

The year with the highest local currency unit per US$ in the official exchange

rate was in 2007 with 1.51 Singaporean dollar. While both 2012 and 2013 had the

lowest local currency unit per US$ which was 1.25 Singaporean dollar.

Net Export (Constant Local Currency Unit)

900 751.795 814.672 842.078

678.523
800 725.338
591.462
700 643.908
548.224 803.989
600
686.644
Billion

500
569.516
400
300
200
100
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years
 | 10

The year with the highest net export was in 2016 with eight hundred fourteen-

point six hundred seventy-two (814.672) billion. While 2009 had the lowest net export

which was five hundred forty-eight-point two hundred twenty-four (548.224) billion.

Foreign Debt

20
8.218

10

0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
-4.236
-10 -6.851 -17.55
Billion

-17.124
-20.041
-19.669
-20

-30 -36.131
-39.473 -38.952
-40

-50 -46.331
Years

The year with the highest foreign debt was in 2009 with eight and two hundred

eighteen (8.218) billion. While 2016 had the lowest foreign debt, which was negative

forty-six and three hundred thirty-one (-46.331) billion.

 | 11

Comparison: Singapore and Norway

Real Gross Domestic Product Growth Rate (Annual %)

18

16 15.2

14

12

10 9.1
Percent Change

8 4.1
6.4
2.2 2.4
1.8
6 5.1
-0.6 3.9 3.6
4 2.98 2.72 1.97
1.97 1.92
2 0.97 1.04 1.091
0.69
0.48
0
2007 2008 -1.69
2009 2010 2011 2012 2013 2014 2015 2016 2017
-2

-4
Years

Singapore Norway

In Singapore, the year with the highest percent change in Gross Domestic

Product (GDP) growth rate was in 2010 with 15.2 %. While 2009 had the lowest

percent change which was 0.6%.

As for Norway, the year with the highest percent change in Gross Domestic

Product (GDP) growth rate was in 2007 with 2.98%. While 2009 had the lowest

percent change which was -1.69%.

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Gross Domestic Product Per Capita (Current US$)

120,000.00 103,059.25
100,711.22101,668.17
97,007.94 97,199.92
100,000.00 87,770.27 74,498.14
85,170.86
80,067.18
75,504.57
80,000.00 70,890.04
Thousand

56,389.18 54,940.86 57,714.30

60,000.00 53,237.56
39,223.58 38,577.56
40,000.00 55,243.13
54,715.69 56,957.08
46,569.68
20,000.00 39,721.05

0.00
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

Singapore Norway

In Singapore, the year with the highest gross domestic product (GDP) per

capita was in 2017 with fifty-seven thousand, seven hundred fourteen and thirty

(57,714.30) current US dollars. While 2009 had the lowest GDP per capita which was

thirty-eight thousand, five hundred seventy-seven and fifty-six (38,577.56) current US

dollars.

As for Norway, the year with the highest gross domestic product (GDP) per

capita was in 2013 with one hundred three thousand, fifty-nine and twenty-five

(103,059.25) current US dollars. While 2016 had the lowest GDP per capita which

was seventy thousand, eight hundred ninety and four hundredths (70,890.04) current

US dollars.
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Consumer Price Index Inflation (Annual %)

7 6.63

6
5.25

5 4.58

3.75
Percent Change

4 3.55

2.82 2.36
3 2.42
2.1 2.2 2.12 2.04 2.17
1.87
2
1.28
1.02
1 0.71 0.6 0.7 0.58
-0.052
0 -0.53
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
-1
Years

Singapore Norway

In Singapore, the year with the highest percent change in Consumer Price

Index (CPI) inflation was in 2008 with 6.63%. While 2016 had the lowest percent

change which was -0.53%.

As for Norway, the year with the highest percent change in Consumer Price

Index (CPI) inflation was in 2008 with 3.75%. While 2012 had the lowest percent

change which was 0.7%.

 | 14

Unemployment Rate (% of total labor force) (National Estimate)

5 4.68
4.38 4.3
4.5 4.16
3.9 3.96
4 3.52 3.48
3.42
3.5 3.1 3.17 3.21 3.12
Percent Change

2.96 2.88 2.79 2.8

3 2.49 2.55
2.5 2.024
1.69 1.8
2
1.5
1
0.5
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

Singapore Norway

In Singapore, the year with the highest percent change in unemployment rate

was in 2009 with 4.38%. While 2015 had the lowest percent change which was 1.69%.

As for Norway, the year with the highest percent change in unemployment rate

was in 2016 with 4.68%. While 2007 had the lowest percent change which was 2.49%.

Official Exchange Rate (Local Currency Unit per US$) (Period Average)

8 5.86 6.29 6.04 5.82 5.87

5.64 5.6
Local Currency Unit per

6
4
1.51 1.41 1.45 1.36 1.26 1.25 1.25
2 1.27
US$

0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

Singapore Norway
 | 15

In Singapore, the year with the highest local currency unit per US$ in the

official exchange rate was in 2007 with 1.51. While both 2012 to 2013 had the lowest

local currency unit per US$ which was 1.25.

As for Norway, the year with the highest local currency unit per US$ in the

official exchange rate was in 2009 with 6.29. While 2011 had the lowest local currency

unit per US$ which was 5.6.

Net Export (Constant Local Currency Unit)

1,400,000,000,000

1,203,000,000,000 1,165,000,000,000
1,200,000,000,000 1,146,000,000,000
1,115,000,000,000 1,107,000,000,000
1,066,000,000,000
1,030,000,000,000 1,015,000,000,000
960,458,000,000 975,087,000,000
1,000,000,000,000
906,902,000,000
678,523,000,000 751,795,000,000
814,672,000,000
591,462,000,000
Billion/Trillion

800,000,000,000 725,338,000,000
842,078,000,000
643,908,000,000

600,000,000,000 548,224,000,000 803,989,000,000

686,644,000,000
400,000,000,000 569,516,000,000

200,000,000,000

0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

Singapore Norway
 | 16

In Singapore, the year with the highest net export was in 2016 with eight

hundred fourteen-point six hundred seventy-two (814.672) billion. While 2009 had

the lowest net export which was five hundred forty-eight-point two hundred twenty-

four (548.224) billion.

As for Norway, the year with the highest net export was in 2008 with one-

point two hundred three (1.203) trillion. While 2016 had the lowest net export which

was nine hundred six-point nine hundred two (906.602) billion.

Foreign Debt

30,000,000,000
24,971,000,000

19,376,000,000
20,000,000,000 15,748,000,000
12,985,000,000
8,218,000,000
8,308,000,000 15,678,000,000
10,000,000,000

-1,881,000,0001,332,000,000 2,700,000,000 2,299,000,000

-933,666,458.67
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Billion/Million

-4,236,000,000
-10,000,000,000
-6,851,000,000
-17,124,000,000
-20,041,000,000
-20,000,000,000
-19,669,000,000
-17,550,000,000
-30,000,000,000

-38,952,000,000
-40,000,000,000 -36,131,000,000
-39,473,000,000

-50,000,000,000 -46,331,000,000
Years

Singapore Norway
 | 17

In Singapore, the year with the highest foreign debt was in 2009 with eight-

point two hundred eighteen (8.218) billion. While 2016 had the lowest foreign debt,

which was negative forty-six-point three hundred thirty-one (-46.331) billion.

As for Norway, the year with the highest foreign debt was in 2016 with twenty-

four-point nine hundred seventy-one (24.971) billion. While 2012 had the lowest

foreign debt, which was negative nine hundred thirty-three million, six hundred sixty-

six thousand, four hundred fifty-eight and sixty-seven (-933,666,458.67).

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DEVELOPING COUNTRIES

Nations that have low living standards, undeveloped industrial base, and low

human development index (HDI) are developing countries. This is also termed as

less-developed country (LDC). The general reference in determining whether a

country is developing is its growth domestic product (GDP) per capita.

Philippines

The Philippines is one of the most dynamic economies in the East Asia and

the Pacific region. With increasing urbanization, a growing middle-income class, and

a large and young population, the Philippines’ economic dynamism is rooted in strong

consumer demand supported by vibrant labor market and robust remittances. Business

activities are buoyant with notable performance in the services sector including the

business process outsourcing, real estate, and finance and insurance industries. Its total

population as of 2019 107.6 million. The currency used in the country is Philippine

Peso.

Real Gross Domestic Product Growth Rate (Annual %)

8 7.6 7.1
6.7 6.9 6.7
6.6
7 6.1 6.1
6
Percent Change

5 4.2
3.7
4
3
2 1.1
1
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
 | 19

The year with the highest percent change in Gross Domestic Product (GDP)

growth rate was in 2009 with 1.1%. While 2010 had the lowest percent change which

was 7.6%.

Gross Domestic Product Per Capita (Current US$)

3500 2842.9 2878.3 2950.9 2989

2581.8 2760.3
current US dollars

3000 2352.5
2500 2129.5
1919.5 1825.3
2000 1672.7
1500
1000
500
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

The year with the highest gross domestic product (GDP) per capita was in 2017

with two thousand nine hundred eighty-nine (2,989) current US dollars. While 2007

had the lowest GDP per capita which was one thousand six hundred seventy-two and

seven centavos (1,672.7) current US dollars.

Consumer Price Index Inflation (Annual %)

10 8.3
Percent Change

8
6 4.2 4.7
3.8 3.6
4 2.9 3 2.6 2.9
1.3
2 0.7

0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years
 | 20

The year with the highest percent change in Consumer Price Index (CPI)

inflation was in 2008 with 8.3%. While 2015 had the lowest percent change which

was 0.7%.

Unemployment Rate (% of total labor force) (Modeled ILO Estimate)

5
3.7 3.9
3.4 3.6 3.6 3.5 3.5 3.6
Percent Change

4
3
2.7
3 2.3
2
1
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

The year with the highest percent change in unemployment rate was in 2009

with 3.9%. While 2017 had the lowest percent change which was 2.3%.

Official Exchange Rate (Local Currency Unit per US$) (Period Average)

50.00 48
43.3
Local Currency Unit

48.00 46.10 44.30

45.10
46.00
42.20 42.40
per US$

44.00
42.00
40.00
38.00
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

The year with the highest local currency unit per US$ in the official exchange

rate was in 2009 with forty-eight (48) Philippine Peso. While 2012 had the lowest

local currency unit per US$ which was forty-two Pesos and twenty centavos (42.20).
 | 21

Net Export (Constant Local Currency Unit)

4.5E+12 4.20414E+12
3.29898E+12
4E+12
3.54728E+12
3.5E+12 2.73867E+12
3.08672E+12
3E+12 2.74148E+12 2.74934E+12
2.51545E+12 2.40155E+12 2.57575E+12
2.5E+12 2.27467E+12
Trillion

2E+12

1.5E+12

1E+12

5E+11

0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

The year with the highest net export was in 2017 with four trillion two hundred

four billion one hundred forty-one million five hundred thirty-seven thousand eight

hundred thirty-five (4,204,141,537,835). While 2009 had the lowest net export which

was two trillion two hundred seventy-four billion six hundred sixty-nine million one

hundred fifty-four thousand nine hundred fifty-two Pesos and eight centavos

(2,274,669,154,952.8)
 | 22

Foreign Debt

3,000,000,000.00
2,453,941,126.40
1,641,779,591.90
2,000,000,000.00
957,805,177.30 1,014,348,569.10
1,000,000,000.00
630,006,878.00 -167,490,840.20 -99,650,560.90
0.00
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
-1,000,000,000.00
Million

342,490,414.40 -90,422,443.50
-2,000,000,000.00
-3,000,000,000.00
-4,000,000,000.00
-5,000,000,000.00 -5,882,813,656.60
-6,000,000,000.00 -6,544,677,863.40

-7,000,000,000.00
Years

The year with the highest foreign debt was in 2007 with two billion four

hundred fifty-three million nine hundred forty-one thousand one hundred twenty-six

and forty-cents (2,453,941,125.040). While 2017 had the lowest foreign debt, which

was negative six billion five hundred forty-four million sic hundred seventy-seven. (-

6,544,677,863.40).

Afghanistan

Officially called as the Islamic Republic of Afghanistan which is in south

and central Asia. Its population as of 2019 is 37.2 million. The currency used in the

country is afghan afghani.

 | 23

Real Gross Domestic Product Growth Rate (Annual %)

25
21.39

20
Percent Change

13.83 14.36
15 12.75

10
5.6
3.92
5 2.73 2.26 2.67
1.45
0.43
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

The year with the highest percent change in Gross Domestic Product (GDP)

growth rate was in 2009 with 21.39%. While 2011 had the lowest percent change

which was 0.43%.

Gross Domestic Product Per Capita (Current US$)

800.00 599.30 590.08

547.97 550.07
Current US$

600.00 444.18
366.23
400.00 648.51 625.34 549.58
550.51
200.00 370.38
0.00
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

The year with the highest gross domestic product (GDP) per capita was in 2012

with six hundred forty-eight and fifty-one (648.51) current US dollars. While 2007

had the lowest GDP per capita which three hundred sixty-six and twenty-three

(366.23) current US dollars.

 | 24

Consumer Price Index Inflation (Annual %)

30 26.42
Percent Change

20
11.8
8.68 7.39
10 6.44 4.98
4.67 4.38
2.18
-0.66
0
-6.81
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
-10
Years

The year with the highest percent change in Consumer Price Index (CPI)

inflation was in 2008 with 26.42%. While 2009 had the lowest percent change which

was -6.81%.

Unemployment Rate (% of total labor force) (Modeled ILO Estimate)

10 8.75 8.45 8.71 8.86 8.84 8.84

7.8 7.82 8.23 7.94
Percent Change

8 6.7

6
4
2
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

The year with the highest percent change in unemployment rate was in 2015

with 8.86%. While 2009 had the lowest percent change which was 6.7%.
 | 25

Official Exchange Rate (Local Currency Unit per US$) (Period Average)

60.00 55.38
Local Currency Unit
50.25 46.75
55.00 49.96 50 50.92
per US$

50.00 46.45
45.00
40.00
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

The year with the highest local currency unit per US$ in the official exchange

rate was in 2013 with fifty-five-point thirty-eight (55.38) afghan afghani. While 2010

had the lowest local currency unit per US$ which was forty-six-point forty-five

(46.45) afghan afghani.

Foreign Debt

0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
-56,107,246.50 -42,975,262.50
-50,000,000 -56,823,660 -64,185,103.93
-40,353,040
-48,311,346
-108,365,378.56
-100,000,000 -52,173,421
Million

-150,000,000 -170,481,690.27
-190,774,431.98

-200,000,000

-250,000,000
Years

The year with the highest foreign debt was in 2008 with negative forty million

three hundred fifty-three thousand forty (-40,353,040). While 2010 had the lowest
 | 26

foreign debt, which was negative one hundred ninety million seven hundred seventy-

four thousand four hundred thirty-one and ninety-eight (-190,774,431.98).

Comparison: Afghanistan and Philippines

Real Gross Domestic Product Growth Rate (Annual %)

25

21.39

20

14.36
Percent Change

15 13.83
12.75

10
7.63
6.62 6.68 7.06 6.88 6.68
6.14 6.07
5.6

5 3.92 3.66
2.73 2.67
2.26
1.15 1.45
4.15 0.43
0 Afghanistan Philippines
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

In Afghanistan, the year with the highest percent change in Gross Domestic

Product (GDP) growth rate was in 2009 with 21.39%. While 2011 had the lowest

percent change which was 0.43%.

 | 27

As for Philippines, the year with the highest percent change in Gross Domestic

Product (GDP) growth rate was in 2010 with 7.6%. While 2009 had the lowest percent

change which was 1.15%.

Gross Domestic Product Per Capita (Current US$)

3,500.00

2,950.912,988.95
3,000.00 2,842.942,878.34
2,760.29
2,518.82
2,500.00 2,352.52
2,129.50
1,919.47
Current US$

2,000.00 1,825.34
1,672.68

1,500.00

1,000.00
599.30 547.97 590.08 550.07
444.18
500.00 366.23

549.58
550.51 648.51 625.34
0.00 370.38
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

Afghanistan Philippines

In Afghanistan, the year with the highest gross domestic product (GDP) per

capita was in 2012 with six hundred forty-eight and fifty-one (648.51) current US

dollars. While 2007 had the lowest GDP per capita which was three hundred sixty-six

and twenty-three (366.23) current US dollars.

As for Philippines, the year with the highest gross domestic product (GDP) per

capita was in 2017 with two thousand, nine hundred eighty-eight and ninety-five
 | 28

(2,988.95) current US dollars. While 2007 had the lowest GDP per capita which one

thousand, six hundred seventy-two and sixty-eight (1,672.68) current US dollars.

Consumer Price Index Inflation (Annual %)

30 26.42

25

20
Percent Change

15 11.8
8.68 8.26
10 6.44 7.39 4.67
4.22 4.72 4.38 4.98
2.9 3.79 3.03 3.6 0.67 2.85
5 2.18 2.58
1.25
-0.66
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
-5 -6.81

-10
Years

Afghanistan Philippines

In Afghanistan, the year with the highest percent change in Consumer Price

Index (CPI) inflation was in 2008 with 26.42%. While 2009 had the lowest percent

change which was -6.81%.

As for Philippines, the year with the highest percent change in Consumer Price

Index (CPI) inflation was in 2008 with 8.26%. While 2015 that the lowest percent

change which was 0.67%.

 | 29

Unemployment Rate (% of total labor force) (Modeled ILO Estimate)

10 8.75 8.45 8.71 8.86 8.84 8.84

7.8 7.82 8.23 7.94
Percent Change
8 6.7

6
3.4 3.7 3.9 3.6 3.6 3.5 3.5 3.6
4 3 2.7 2.3
2
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

In Afghanistan, the year with the highest percent change in unemployment rate

was in 2015 with 8.86% and 2009 had the lowest percent change which was 6.7%.

While in the Philippines. the year with the highest percent change in

unemployment rate was in 2009 with 3.9%. While 2017 had the lowest percent change

which was 2.3%.

Official Exchange Rate (Local Currency Unit per US$) (Period Average)

60.00 50.25 50 46.75 50.92 55.38

49.96 46.45
Local Currency Unit

40.00 46.1 48 45.1

44.3 43.3 42.2 42.4
per US$

20.00

0.00
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

In Afghanistan, the year with the highest local currency unit per US$ in the

official exchange rate was in 2013 with fifty-five-point thirty-eight (55.38) afghan
 | 30

afghani. While 2010 had the lowest local currency unit per US$ which was forty-six-

point forty-five (46.45) afghan afghani.

While in the Philippines, the year with the highest local currency unit per US$

in the official exchange rate was in 2009 with forty-eight (48) Philippine Peso. While

2012 had the lowest local currency unit per US$ which was forty-two Pesos and

twenty centavos (42.20).

Foreign Debt

0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
-56,107,246.50 -42,975,262.50
-50,000,000 -56,823,660 -64,185,103.93
-40,353,040
-48,311,346
-108,365,378.56
-100,000,000 -52,173,421
Million

-150,000,000 -170,481,690.27
-190,774,431.98

-200,000,000

-250,000,000
Years

In Afghanistan, the year with the highest foreign debt was in 2008 with

negative forty million three hundred fifty-three thousand forty (-40,353,040). While

2010 had the lowest foreign debt, which was negative one hundred ninety million

seven hundred seventy-four thousand four hundred thirty-one and ninety-eight (-

190,774,431.98).
 | 31

While in the Philippines, the year with the highest foreign debt was in 2008

with negative forty million three hundred fifty-three thousand forty (-40,353,040).

While 2010 had the lowest foreign debt, which was negative one hundred ninety

million seven hundred seventy-four thousand four hundred thirty-one and ninety-eight

(-190,774,431.98).
 | 32

UNDERDEVELOPED COUNTRIES

Countries that experience mass poverty not caused by temporary misfortune

are underdeveloped countries. There is a poor per capita income, capital deficiency,

unutilized potential for growth, underutilized manpower and natural resources, poor

base in the socio-economic determinants of development, inefficient and traditional

techniques of production, and poor human development index (HDI).

Uganda

Uganda is located in eastern Africa, west of Kenya, south of South Sudan,

east of the Democratic Republic of the Congo, and north of Rwanda and Tanzania.

which has a total population of 45.3 million as of 2019. The currency used in the

country is Ugandan Shilling.

Real Gross Domestic Product Growth Rate (Annual %)

10 8.7 9.4
8.4
Percent Change

8 6.8
5.6 5.1 5.2
6 4.8
3.8 3.6 3.9
4
2
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

The year with the highest percent change in Gross Domestic Product (GDP)

growth rate was in 2011 with 9.4%. While 2013 had the lowest percent change which

was 3.6%.
 | 33

Gross Domestic Product Per Capita (Current US$)

800 702.8 675.1

636.6 655
606.5
current US dollars
554.4 595.2 574.9 581.7
600 449.7
401.9
400

200

0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

The year with the highest gross domestic product (GDP) per capita was in 2014

with seven hundred two and eighty centavos (702.80) current US dollars. While 2007

had the lowest GDP per capita which was four hundred one and ninety centavos

(401.90) current US dollars.

Consumer Price Index Inflation (Annual %)

20 16.6
Percent Change

15 12.1 13 12.7

10
6.1 5.6 5.7 5.2
4 4.9
5 3.1

0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

The year with the highest percent change in Consumer Price Index (CPI)

inflation was in 2011 with 16.6%. While 2014 had the lowest percent change which

was 3.1%.
 | 34

Unemployment Rate (% of total labor force) (Modeled ILO Estimate)

5 4.2 4 3.8
3.6
Percent Change

4
3
3 2.5
1.9 1.9 1.9 2 2.1
2
1
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

The year with the highest percent change in unemployment rate was in 2015

with 8.86% and 2009 had the lowest percent change which was 6.7%.

Official Exchange Rate (Local Currency Unit per US$) (Period Average)

3,000.00 2522.7 2,504.60

1,720.40 2,177.60 2,586.90
Local Currency Unit

1,723.50 2,031
2,000.00
per US$

1,000.00

0.00
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

The year with the highest local currency unit per US$ in the official exchange

rate was in 2013 with two thousand five hundred eighty-six and ninety centavos

(2,586.90) Ugandan Shilling. While 2008 had the lowest local currency unit per US$

which was one thousand seven hundred twenty and forty centavos (1,720.40) Ugandan

Shilling.
 | 35

Net Export (Constant Local Currency Unit)

1.2E+13 9.69203E+12

8.68943E+12
1E+13 9.53283E+12
9.03223E+12
8.67663E+12 8.52056E+12
7.76849E+12
8E+12 7.53271E+12
7.00302E+12
Trillion

7.0165E+12
6E+12
4.85148E+12

4E+12

2E+12

0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

The year with the highest net export was in 2017 with nine trillion six hundred

ninety-two billion twenty-five million eight hundred seventy-eight thousand and

eighteen Shilling and thirty centavos (9,692,025,878,018.3). While 2007 had lowest

net export which was four trillion eight hundred fifty-one billion four hundred eighty-

four million five hundred eight thousand and seven hundred ten Shilling and thirty

centavos (4,851,484,508,710.3).
 | 36

Foreign Debt

0.00
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

-200,000,000.00

-400,000,000.00
-506,658,423.50 -625,551,461.60

-600,000,000.00
Million

-737,364,516.30
-792,305,780.90 -812,720,321.70
-800,000,000.00 -699,189,703.10
-812,720,321.70

-1,000,000,000.00 -1,031,546,243.00

-906,140,427.60
-1,200,000,000.00
-1,159,051,459.70 -1,143,207,356.00

-1,400,000,000.00
Years

The year with the highest foreign debt was in 2010 which was negative five

hundred six million six hundred fifty-eight thousand four hundred twenty-three and

fifty cents (-506,658,423.50). While 2012 had the lowest foreign debt with negative

one billion one hundred fifty-nine million fifty-one thousand four hundred fifty-nine

and seventy centavos (-1,159,051,459.70).

 | 37

Cambodia

A Southeast Asian nation which as of 2019 has a population of 16.48 million.

The currency used in the country is Cambodian riel.

Real Gross Domestic Product Growth Rate (Annual %)

15 10.21
Percent Change

10 6.69 5.96 7.07 7.31 7.36 7.14 7.04 6.86 7.1

5 0.09
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

The year with the highest percent change in Gross Domestic Product (GDP)

growth rate was in 2007 with ten-point twenty-one percent (10.21%). While 2009 had

the lowest percent change which was zero-point nine hundredths percent (0.09%).

Gross Domestic Product Per Capita (Current US$)

1,500.00 1,163.19 1,384.42

882.49 1,013.67
Current US$

631.68 738.23
1,000.00 1,269.91
951.11 1,093.76
500.00 785.69
745.79
0.00
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

The year with the highest gross domestic product (GDP) per capita was in 2017

with one thousand, three hundred eighty-four and forty-two (1,384.42) current US

dollars. While 2007 had the lowest GDP per capita which was six hundred thirty one

and sixty-eight (631.68) current US dollars.

 | 38

Consumer Price Index Inflation (Annual %)

8 6.63
5.25
Percent Change
6 4.58
4 2.82 2.36
2.1
0.6 1.02 0.58
2 -0.05 -0.53
0
-2 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

The year with the highest percent change in Consumer Price Index (CPI)

inflation was in 2008 with six-point sixty-three percent (6.63%). While 2016 had the

lowest percent change which was negative zero-point fifty-three percent (0.53).

Unemployment Rate (% of total labor force) (Modeled International Labor

Organization Estimate)

1 0.87
Percent Change

0.44 0.35
0.5 0.3 0.22
0.19 0.2 0.16 0.18 0.18 0.2

0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

The year with the highest percent change in unemployment rate was in 2007

with zero-point eighty-seven percent (0.87%). While 2009 had the lowest percent

change which was zero-point nineteen percent (0.19%).

 | 39

Official Exchange Rate (Local Currency Unit per US$) (Period Average)

Local Currency Unit per

4,200.00 4,184.92
4,150.00
4,100.00 4,054.17 4,058.50
4,050.00 4,139.33 4,033
US$

4,056.17
4,000.00 4,027.25
3,950.00
3,900.00
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

The year with the highest local currency unit per US$ in the official exchange

rate was in 2010 with four thousand one hundred eighty-four and ninety-two

(4,184.92). While 2013 had the lowest local currency unit per US$ which was four

thousand twenty-seven and twenty-five (4,027.25).

Net Export (Constant Local Currency Unit)

70 49.94 57.27
54.25
60 46.95
50 36.6 42.08
Trillion

40 30.83
26.86 21.97 26.49
30 20.29
20
10
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

The year with the highest net export was in 2017 with fifty-seven-point twenty-

seven (57.27) trillion. While 2007 had the lowest net export which was twenty-point

twenty-nine (20.29) trillion.

 | 40

Foreign Debt

0.00
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

-500,000,000.00
-794,691,393.09 -909,520,389.36

-1,051,000,000

-1,000,000,000.00
Million/Billion

-866,193,487.96 -1,384,000,000

-1,500,000,000.00 -1,735,000,000
-1,771,000,000
-1,968,000,000

-2,000,000,000.00
-2,006,000,000

-2,500,000,000.00 -2,397,000,000

-2,673,000,000
-3,000,000,000.00
Years

The year with the highest foreign debt was in 2008 with negative seven

hundred ninety-four million, six hundred ninety-one thousand, three hundred ninety-

three and nine hundredths (-794,691,393.09). While 2017 had the lowest foreign debt,

which was negative two billion, six-point six hundred seventy-three (2.673) billion.
 | 41

Comparison: Uganda and Cambodia

Real Gross Domestic Product Growth Rate (Annual %)

12 10.21
9.4
8.7
Percent Change

10
8.4 6.8 7.31 7.36 7.14 7.04 6.86 7.1
8
6.69 5.96
6 7.07 3.8 5.1 5.2
5.6 3.6 4.8
4 3.9
2 0.09
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years
Cambodia Uganda

In Cambodia, the year with the highest percent change in Gross Domestic

Product (GDP) growth rate was in 2007 with ten-point twenty-one percent (10.21%).

While 2009 had the lowest percent change which was zero-point nine hundredths

percent (0.09%).

While in Uganda, the year with the highest percent change in Gross Domestic

Product (GDP) growth rate was in 2011 with 9.4%. While 2013 had the lowest percent

change which was 3.6%.

 | 42

Gross Domestic Product Per Capita (Current US$)

1,600.00 1,384.42
1,400.00 1,093.76
1,200.00 951.11 1,013.67 1,163.19
Current US$

745.79 882.49 1,269.91

1,000.00 785.69
738.23 675.1 606.5
800.00 631.68
581.7
600.00 702.8
636.6 655
400.00 554.4 574.9
401.9 449.7 595.2
200.00
0.00
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years
Cambodia Uganda

In Cambodia, the year with the highest gross domestic product (GDP) per

capita was in 2017 with one thousand, three hundred eighty-four and forty-two

(1,384.42) current US dollars. While 2007 had the lowest GDP per capita which was

six hundred thirty one and sixty-eight (631.68) current US dollars.

While in Uganda, the year with the highest gross domestic product (GDP) per

capita was in 2014 with seven hundred two and eighty centavos (702.80) current US

dollars. While 2007 had the lowest GDP per capita which was four hundred one and

ninety centavos (401.90) current US dollars.

 | 43

Consumer Price Index Inflation (Annual %)

18 16.6
16
13 12.7
14 12.1
Percent Change

12
10
8 6.1 6.63 4 5.6 5.7
5.25 4.58 4.9 5.2
6
3.1
4
2 2.1 0.6 2.82 2.36 1.02
-0.05 -0.53 0.58
0
-2 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years
Cambodia Uganda

In Cambodia, the year with the highest percent change in Consumer Price

Index (CPI) inflation was in 2008 with 6.63%. While 2016 had the lowest percent

change which was -0.53%.

While in Uganda, the year with the highest percent change in Consumer Price

Index (CPI) inflation was in 2011 with 16.6%. While 2014 had the lowest percent

change which was 3.1%.

Unemployment Rate (% of total labor force) (Modeled International Labor

Organization Estimate)

5 4.2 4 3.8
Percent Change

3.6
4 3
2.5
3 1.9 1.9 1.9 2 2.1
2
0.87 0.44 0.35
1 0.19 0.2 0.16 0.3 0.22
0.18 0.18 0.2
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
CambodiaYears Uganda
 | 44

In Cambodia, the year with the highest percent change in unemployment rate

was in 2007 with zero-point eighty-seven percent (0.87%). While 2009 had the lowest

percent change which was zero-point nineteen percent (0.19%).

While in Uganda, the year with the highest percent change in unemployment

rate was in 2015 with 8.86% and 2009 had the lowest percent change which was

6.7%.

Official Exchange Rate (Local Currency Unit per US$) (Period Average)

5,000.00 4,054.17 4,184.92

Local Currency Unit per

4,058.50 4,033
4,000.00 4,027.25
4,056.17
3,000.00 4,139.33
2522.7 2504.6 2586.9
US$

2,000.00
1723.5 2031 2177.6
1,000.00 1720.4

0.00
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years
Cambodia Uganda

In Cambodia, the year with the highest local currency unit per US$ in the

official exchange rate was in 2010 with four thousand one hundred eighty-four and

ninety-two (4,184.92). While 2013 had the lowest local currency unit per US$ which

was four thousand twenty-seven and twenty-five (4,027.25).

While in Uganda, the year with the highest local currency unit per US$ in the

official exchange rate was in 2013 with two thousand five hundred eighty-six and

ninety centavos (2,586.90) Ugandan Shilling. While 2008 had the lowest local
 | 45

currency unit per US$ which was one thousand seven hundred twenty and forty

centavos (1,720.40) Ugandan Shilling.

Net Export (Constant Local Currency Unit)

6E+13 57,027,000,000,000
54,025,000,000,000
49,094,000,000,000
5E+13 46,095,000,000,000
42,080,000,000,000

4E+13 36,060,000,000,000

30,083,000,000,000
Trillion

3E+13 26,086,000,000,000
26,049,000,000,000
20,029,000,000,000
9.69203E+12
2E+13 21,097,000,000,000 8.68943E+12

7.76849E+12 9.53283E+12 9.03223E+12

1E+13 7.53271E+12
4.85148E+12 7.00302E+12
8.67663E+12 8.52056E+12
7.0165E+12
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Years

Uganda Cambodia

In Cambodia, the year with the highest net export was in 2017 with fifty-seven-

point twenty-seven (57.27) trillion. While 2007 had the lowest net export which was

twenty-point twenty-nine (20.29) trillion.

While in Uganda, the year with the highest net export was in 2017 with nine

trillion six hundred ninety-two billion twenty-five million eight hundred seventy-eight

thousand and eighteen Shilling and thirty centavos (9,692,025,878,018.3). While 2007

had lowest net export which was four trillion eight hundred fifty-one billion four
 | 46

hundred eighty-four million five hundred eight thousand and seven hundred ten

Shilling and thirty centavos (4,851,484,508,710.3)

Foreign Debt

0.00
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

-812,720,321.70 -506,658,423.50
-500,000,000.00 -812,720,321.70 -625,551,461.60

-792,305,780.90 -737,364,516.30
-906,140,427.60 -1,031,546,243.00 -699,189,703.10
-1,000,000,000.00 -794,691,393.09 -1,159,051,459.70
-909,520,389.36
-1,143,207,356.00
Million/Billion

-1,051,000,000
-866,193,487.96

-1,500,000,000.00 -1,384,000,000 -1,735,000,000

-1,771,000,000
-1,968,000,000

-2,000,000,000.00
-2,006,000,000

-2,500,000,000.00 -2,397,000,000

-2,673,000,000
-3,000,000,000.00
Years

Cambodia Uganda

In Cambodia, the year with the highest foreign debt was in 2008 with negative

seven hundred ninety-four million, six hundred ninety-one thousand, three hundred

ninety-three and nine hundredths (-794,691,393.09). While 2017 had the lowest

foreign debt, which was negative two billion, six-point six hundred seventy-three

(2.673) billion.
 | 47

While in Uganda, the year with the highest foreign debt was in 2010 which

was negative five hundred six million six hundred fifty-eight thousand four hundred

twenty-three and fifty cents (-506,658,423.50). While 2012 had the lowest foreign

debt with negative one billion one hundred fifty-nine million fifty-one thousand four

hundred fifty-nine and seventy centavos (-1,159,051,459.70).

 | 48

References:
Britannica: Economic Growth. Retrieved from

https://www.britannica.com/topic/economic-growth

Business Development Bank of Canada. Developed Country. Retrieved from

https://www.bdc.ca/en/articles-tools/entrepreneur-toolkit/templates-business-

guides/glossary/pages/developed-country.aspx

IGI Global. What is a Developing Country. Retrieved from https://www.igi-

global.com/dictionary/developing-countries/7401

Kwat N. Underdeveloped Countries: Meaning and Classification of Definitions.

Retrieved from http://www.economicsdiscussion.net/underdeveloped-

countries/underdeveloped-countries-meaning-and-classification-of-

definitions/18975

The Statistics Portal (2019). Singapore: Total population from 2012 to 2022 (in

million inhabitants). Retrieved from

https://www.statista.com/statistics/378558/total-population-of-singapore/

Worldometers (2019). Afghanistan Population. Retrieved from

http://www.worldometers.info/world-population/afghanistan-population/

World Bank. https://data.worldbank.org/

World Population Review (2019). Cambodia Population 2019. Retried from

http://worldpopulationreview.com/countries/cambodia-population/