With the growing labor force of the Philippines, the Philippine is expected to be the fastest emerging market with huge economic growth in the next 10 years
The Philippines GDP (Gross domestic product) is projected to grow by an average of 5.3% between 2019 and 2028, only pass by India’s 6.5% in February 15 report.
For the year 2019, The Philippine’s GDP growth is expecting at 6.1%, Below the government’s forecast of 7 to 8 % target range said by Oxford Economics
Both China and Indonesia’s economies were seen expanding there GDP by 5.1% during the 10-year period: while Malaysia, 3.8%; Turkey, 3%; Thailand, 2.9%; Chile, 2.6%; Poland, 2.5%; and south Africa, 2.3%
The Philippines’ labor force was forecasted to grow by an average of 2.3% during the next 10 years, it is the fastest among the 10 emerging markets. Oxford Economics computed the labor force growth by the number of people in the labor force multiplied to the average number of hours worked.
Productivity growth was seen at 1%, while capital expands or the addition of capital accumulation to labor productivity growth was project to increase by 1.6% from 2019 and 2028.