RP needs to grow at China's pace to become first-world in 20 yrs
CHERYL ARCIBAL, GMANews.TV
07/31/2007 | 03:32 PM
The Philippines will need to grow at the same pace as China's economy in order to achieve first world status in 20 years, as envisioned by President Gloria Macapagal Arroyo, the Asian Development Bank said Tuesday.
"The Philippines should emulate China by posting 9.5 percent growth continuously for 25 years. Maybe then, it would become a first world country," ADB chief economist Ifzal Ali said.
The Philippine government has a gross domestic product growth target of between 6.1 percent and 6.7 percent for 2007, and between 6.1 percent and 6.8 percent for 2008.
According to the preliminary report of the "A Snapshot of Asia in 2005: Purchasing Power Parity", the Philippines, at 16,663 Hong Kong dollars, falls just below the regional average of 20,545 Hong Kong dollars in per capita GDP in 2005.
The ADB said that there is a strong correlation between high levels of GDP per capita and high living standards.
Citing the Purchasing Power Parity in 2005 in Asia, Ali said the Philippines will need 77 years at a per capita gross domestic product 3.7-percent average growth rate to approximate the economic well-being of Brunei.
Ali said the country will need 23 years to catch up with Thailand's living standards.
Purchasing Power Parity is an idea popularized by The Economist's Big Mac Index which prices hamburgers in global cities for a quick and crude comparison of living standards. - GMANews.TV
"The Philippines should emulate China by posting 9.5 percent growth continuously for 25 years. Maybe then, it would become a first world country," ADB chief economist Ifzal Ali said.
The Philippine government has a gross domestic product growth target of between 6.1 percent and 6.7 percent for 2007, and between 6.1 percent and 6.8 percent for 2008.
According to the preliminary report of the "A Snapshot of Asia in 2005: Purchasing Power Parity", the Philippines, at 16,663 Hong Kong dollars, falls just below the regional average of 20,545 Hong Kong dollars in per capita GDP in 2005.
The ADB said that there is a strong correlation between high levels of GDP per capita and high living standards.
Citing the Purchasing Power Parity in 2005 in Asia, Ali said the Philippines will need 77 years at a per capita gross domestic product 3.7-percent average growth rate to approximate the economic well-being of Brunei.
Ali said the country will need 23 years to catch up with Thailand's living standards.
Purchasing Power Parity is an idea popularized by The Economist's Big Mac Index which prices hamburgers in global cities for a quick and crude comparison of living standards. - GMANews.TV
