Philippines is expected to emerge as the second fastest growing economy in 2019-2028 due to its developing labor forces.
Accordingly, the based on the prediction stated by the Oxford Economics, “Pilippines’ gross domestic product (GDP) to grow by an average of 5.3 percent between 2019 and 2028, only outpaced by India’s 6.5 percent”.
Moreover, report expected that” China and Indonesia’s economies were both seen expanding by 5.1 percent during the 10-year period. Also, the growing economy of other countries as predicted: Malaysia, 3.8 percent; Turkey, 3 percent; Thailand, 2.9 percent; Chile, 2.6 percent; Poland, 2.5 percent; and South Africa, 2.3 percent”.
More importantly, in the next ten years, the labor force in the Philippines will continue to grow by 2.3 percent. Hence, this will be the fastest among the 10 emerging markets.
The Oxford Economics enable to gather data through number of people in the labor force multiplied to the average number of hours worked.
In the next 10 years, there will be a one percent total factor productivity growth while 1.6 percent growth for the capital accumulation to labor productivity.