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Despite the improved ranking, IMD World Competitiveness Center Chief Economist Christos Cabolis tells us that the Philippines in 2022 faces 5 key challenges, as provided by the AIM Rizalino S. Navarro Policy Center for Competitiveness.
Despite the improved ranking, IMD World Competitiveness Center Chief Economist Christos Cabolis tellsreporter Revin Mikhael D. Ochave that the Philippines in 2022 faces five key challenges, as provided by the Asian Institute of Management Rizalino S. Navarro Policy Center for Competitiveness.Implementing effective post-pandemic economic recovery strategies while strengthening fiscal responsibility.
“It is the provision of liquidity. Rightfully, the years of the pandemic create the necessity to try to balance that. We try to balance that in two ways. First is to phase out this liquidity support by strengthening the economy and secondly to see how the debt that has been acquired by the country can be sustainable. What exactly is the primary budget balance. How we can bring that in a manageable position, and therefore how we can strengthen the fiscal responsibility.
“Inclusivity of economic development is a must, especially if one tries to see what exactly is going on with the societal framework that we try to measure for each economy we study.”“This deals with how the government will be able to make the steps to have a transition in power which will be smooth and to build the credibility that the solutions that it will provide will be good for the country and also good for the residents of the country as a whole.
“In general, what we see after elections is that new governments enjoy the positive sentiment of the people, the positive sentiment of the business community. Essentially, the challenge for the new government, in my opinion, will be to take that and use it effectively because most of the time, this does not hold for a long period of time.
“We need more investments in education. What will be good to see is where these investments will have the highest impact. Most frequently, it is a portfolio of things that should happen. You cannot have new infrastructure unless you have people who will use these effectively. Investments should also be made for long-term learning.”“This is a very important task.
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