Oh no! This is one news oppositions and critics would not
like to hear, not now that elections are near.
UK-based Oxford Economics, in its report titled “Sustained
growth in EMs calls for thrift and innovation,” gave a positive review for
the country.
In the report it states that Emerging Markets (EM’s) in
Asia are seen to grow very fast in the next ten years, with India leading the
top 10.
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| (photo credit to owner) |
Oxford Economics projected that “the Philippines’ gross
domestic product (GDP) will grow by an average of 5.3 percent from 2019 to
2028, second to India’s 6.5 percent. “
3rd- China and Indonesia’s
economies by 5.1 percent:
4th- Malaysia with
3.8 percent;
5th- Turkey at 3
percent;
6th- Thailand at
2.9 percent;
7th- Chile with 2.6
percent;
8th- Poland, 2.5
percent; and
9th- South Africa,
2.3 percent
The rankings did made use of funding availability and
workforce growth were considered aside from the usual GDP figures.
Oxford Economics has stated that the wide distinctions in in
labor productivity growth across these Emerging Markets are on the major
differences in capital deepening and total-factor productivity (TFP) growth.
It also adds the capital deepening stems from investment
and that EMs can be financed, in principle, by “imported” capital.
The report also states that “there is a major gap between
the relatively small contribution of capital deepening in a large group of EMs
and some other – mostly Asian – EMs where the contribution is more significant…
that countries with higher gross domestic saving (as a share of GDP) tend to have
higher trend growth.”
The study also finds that “the Philippines seems to be a
major outlier, but its domestic savings are supplemented heavily by
remittances.”
The report also took notice of the fact that “the
critical role of TFP growth, the second of the two key drivers of labor
productivity growth, and shows that, again, the variation is large, with TFP
growth in 2008-17 ranging from less than zero in Brazil, Argentina, Chile,
Mexico, Hungary, Russia and South Africa to more than 2% in India and the
Philippines and 3% in China.”
The Philippines, pertaining to its work force, the report
projected an increase by an average of 2.3 percent during the next 10 years,the fastest among the top 10 emerging markets.
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