Over at BusinessWorld:
along with other countries in the East Asian region, needs to reinvent itself and move up the value chain to achieve rapid growth, the World Bank states in a new book.
In The Day After Tomorrow: A Handbook on the Future of Economic Policy in the Developing World launched yesterday, the Washington-based institution said implementation of key reforms would allow countries in the region to go back to the high growth rates achieved over the past three decades.
It noted that expected lower growth in the United States, Japan and Europe — due to high public debt burdens, continued rehabilitation of bank balance sheets, increased risk aversion and policy uncertainty about proposed financial reforms — meant developing countries would face slower export growth, costlier international finance and a difficult trading environment.
“The most important question confronting East Asian policymakers is whether, despite these conditions, their economies can resume the rapid growth rates they achieved over the past three decades. We believe the answer is ‘yes’ — but it depends on key structural reforms in countries and at the regional level,” the World Bank said.
The Philippines’ current fiscal position is the clear and present danger in the short term. Arrest the leak, stabilize tax collection then slowly curb corruption is really the predominant goal. At least in the Philippine setting. Yes there is global slowdown, but that’s more opportunity, a chance for the Philippines to reform its economy and jump on when the trend starts to go up again.