A report today in the Inquirer, "Recto seeks ‘more realistic’ growth target", https://business.inquirer.net/451423/recto-seeks-more-realistic-growth-target. Secretary Recto said,
“I think we should come out with something more realistic— not only this year, but for the medium term. Because if you project a very high GDP, then you’re projecting a very high revenue. And if you miss it, your deficit will increase and your debt-to-GDP [ratio] will also increase. Underpromise and overdeliver. That's what I believe."
"Underpromise and overdeliver" is a wise move. A 6.0 to 6.5% target is more realistic than 6.5 to 7.5%. Although I believe that a 7-8% growth is possible because of our huge domestic market that can provide internal econ dynamism, provided that the usual obstacles -- business bureaucracies and red tape, corruption -- can be reduced.
Notice that the fast-growing economies in 2023 -- IN, Iran, PH, CN, ID, VN, etc -- are all big population countries except Malaysia. Their big population is an asset, not liability as peddled by the population control advocates like the authors and campaigners of RH law. More people means more workers and entrepreneurs, more producers and consumers.
Iran and China high growth 2023 was mainly due to low-base in 2022 whereas India, PH, Indon, VN were high growth 2023 on already high base 2022.
Below, the 3 columns are GDP growth for 2021, 2022 and 2023.
See the Europeans -- save the planet, ESG, net zero, decarbonization, climate drama, plus endless war in Ukraine is beautiful no negotiations -- degrowth and deindustrialization trend is clear. PH and other Asian economies should never never follow the European path.
Again the 3 columns are GDP growth 2021, 2022, 2023.
WEF planet-saving, jet-setting corporate leaders are bullish about the PH, said PH GDP size (they should refer to PPP values) can become "a $2-trillion (around P112-trillion) economy in the coming decade" https://www.bworldonline.com/top-stories/2024/03/20/583012/wef-very-bullish-on-phl-economy/.
In 2023, PH GDP size at PPP (purchasing power parity) was around $1.279 trillion. If PH will grow at sustained 6% yearly, our GDP size PPP will reach $2.039 trillion by 2031, or just 7 years from now.
I just wonder why these jet-setting, high fossil fuel-using but fossil fuel-lambasting and net zero-campaigning corporate guys would push their failed decarbonization experiment in Europe to be applied in the PH and other emerging markets.
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See also:
Macroecon 22, Econ performance of Marcos Jr administration in year one, July 30, 2023
Macroecon 23, GDP forecasting and the forecasters, February 01, 2024
Macroecon 24, Sir Gary Teves' proposals to reduce public debt, March 09, 2024
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