The Philippines is seen as among
the 10 fastest growing economies in the world by 2023.
That's according to the Center
for International Development (CID) at Harvard University, which serves as the
university's leading research hub focused on resolving issues of public
policy to generate stable, shared and sustainable prosperity in developing
countries.
CID’s new projections, released
on May 7, showed the Philippines is expected to have an average annual growth
rate of 5.5 percent by 2023, placing 10th out of 128 countries.
The ranking places the
Philippines ahead of Turkey (5.3 percent), Indonesia (5.2 percent), Pakistan
(5.1 percent) and China (4.6 percent).
The CID projection is
based on the newly released 2013 global trade data and The Atlas of
Economic Complexity, an online tool which measures a country’s productive
knowledge and provides a forecast on its rate of growth.
Productive knowledge is the
knowledge that goes into making products.
“Countries accumulate productive
knowledge by developing their respective capacity to make both more products,
and products of increasing complexity—this underpins economic growth,”
according to Ricardo Hausmann, professor of the Practice of Economic
Development at Harvard Kennedy School.
The government is looking at a
seven to eight percent gross domestic product growth this year, after growing
by 6.1 percent last year.
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Image by Philippinestar.net
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