Risks to the Philippines’s economic growth are not limited to the performance of the US economy, as much of the risks are nearer, including the challenges posed by its neighbors in the region as well as those on the domestic front,according to economists.
RISKS to the Philippines’s economic growth are not limited to the performance of the US economy, as much of the risks are nearer, including the challenges posed by its neighbors in the region as well as those on the domestic front, according to economists.
Patalinghug added that the country’s trade is greater with its peers in the region, particularly the Asean. Data from the Philippine Statistics Authority showed the country’s total trade with Asean reached $4.31 billion in April 2022. Neri said climate change induced challenges such as droughts in Vietnam and Thailand, the Philippines’s primary source of rice, and should be closely monitored.
“These scenarios are not predictions about what will happen; they are hypotheses about what could happen, designed to frame planning decisions. Scenario planning enables us to test the robustness of current strategies when faced with such black swan events,” he added.Former dean of the UP School of Labor and Industrial Relations Rene E. Ofreneo agreed with Patalinghug and said that no “single superpower” can dictate the fate of the global economy.
The income gap between the poor and the rich is at 27 percent. This means that on average, a poor family with five members needs an additional income of P3,262 to move out of poverty in the first semester of 2021.
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