The pace of growth in the Philippines is slower than that of many neighbouring countries, and despite increasing growth in the period before the current global financial crisis, domestic investment remained weak, and had a declining share in gross domestic product. Understanding limits to growth in the Philippines' economy and how they may be counteracted is crucial for policy makers seeking to encourage economic development.

'Diagnosing the Philippine Economy' investigates the binding constraints on economic development, by following a growth diagnostics approach. Articles within...

Regional integration is gathering momentum in Asia. This study examines the diverse experience of regional integration of South and East Asian economies during the last two decades and offers lessons for latecomers. The global economic crisis is expected to merely dampen rather than halt the pace of Asian integration. Global recovery will give renewed impetus to Asian integration. East and South Asia include the world's largest and most dynamic open economies alongside several least developed countries. Using a set of country cases based on a similar framework, the study addresses an...

'Inclusive Growth, Full Employment, and Structural Change: Implications and Policies for Developing Asia' discusses policies to achieve inclusive growth in developing Asia, including agriculture, investment, certain state interventions, monetary, fiscal, and the role of the state as employer of last resort.

Felipe argues that full employment of the labor force is the key to delivering inclusive growth. Full employment is the most direct way to improve the well-being of the people, especially of the most disadvantaged. Since unemployment and underemployment are pervasive in many...