September 5, 2014

Philippines Global Competitiveness Improved

Philippines global competitiveness improved by seven notch from 59th to 52th according to a regular report released by World Economic Forum (WEF); Global Competitiveness Index (GCI), last September 3, 2014.

This is another sign that the economy is moving forward, step by step. This is a good sign, yet, the reality is more. There are plenty of things to be done.The main issue here is the sustainability of growth. How far can the country move forward? Concerns in unemployment, youth dependence, skill mismatch, inflationary pressures, crime rate, education quality, power rates and supply, infrastructure and the likes should be looked dipper.

On the positive note, we are seeing some improvements and if sustained would really change the picture of the economy – the good governance. As the president of Philippines said, “good governance is good economics”. Yet, this is not enough, good governance alone cannot solve the problem – the main root of the economic problem is the income gap which is visibly observable. An this is also to say that government alone cannot solve the problem; the private sector, the society itself needs to participate and think of ways to help the country.

The Baby boomers had retired on their work – a lot of them are consuming and enjoying the fruits of their labor; and this is one of the probable reasons why consumption had risen and youth dependence was sustained. How far can the retirement money steer the economy? What is the future of young generation? This is only one of the economic scenarios.

We need to create something new; we need to innovate; we need to discover our strengths.

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