Philippines will be one of the two top drivers of global economic growth over the next decade according to Louis Kuijs author of an Oxford Economics published study.
The Oxford Economics study ranks the developing market economies to dominate the global economy in the next ten years. Philippines and India tops the list followed by Indonesia and China.
According to Kuijs, India and Philippines are relatively poor therefore there is a huge room of potential to catch up. India’s per capita is one-fourth of China’s while Philippines per capita is close to one-third of China’s.
Decent saving in the form of remittances to finance investments and productivity growth by urban job creation will be the minimum set of fundamentals in terms of economic setting. Philippine remittances has an average of $1.01billion from 1989 up to the current year (2019).
If corruption, inflation, and revolution won’t stand in the way, Philippines will sky rocket as the top performer of emerging economies globally and are well-prepared to achieve sustained growth.
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