With its growing workforce, the Philippines will probably be eclipsed only by India among the many emerging markets that may see the fastest economic growth over the subsequent 10 years.
In a February 15 report, Britain’s Oxford Economics forecast the Philippines’ gross domestic product (GDP) will grow by a median of 5.3 percent between 2019 and 2028, with only India achieving growth of 6.5 percent.
Oxford Economics forecasts that in 2019, the Philippines’ GDP will grow by 6.1 percent, which is lower than the 7-8 percent assumed by the federal government.
Over the ten years, the economies of China and Indonesia grew by 5.1 percent; Malaysia, 3.8 percent; Turkey, 3 percent; Thailand, 2.9 percent; Chile, 2.6 percent; Poland, 2.5 percent; and South Africa, 2.3 percent.
The Philippines’ labor force was projected to grow by a median of two.3 percent over the subsequent 10 years, the fastest amongst 10 emerging markets.
The labor force growth rate was calculated by Oxford Economics by multiplying the variety of economically lively people by the typical variety of hours worked.
Total factor productivity increased by 1%, while capital deepening, i.e. the contribution of capital accumulation to labour productivity growth, was forecast to extend by 1.6% in 2019 and 2028.
In a report titled “Sustained growth in emerging markets requires savings and innovation,” Oxford Economics found that while “countries with higher gross domestic savings (as a share of GDP) are likely to trend higher… The Philippines appears to be a notable exception, but its domestic savings are largely supplemented by remittances.” /kgga
Inguirer.net
