MANILA, Philippines — Despite sustaining strong economic growth in the long term, the Philippines may fall behind in its bid to become a high-income economy if it fails to jack up spending on research and development (R&D).

In a Feb. 13 report titled “Where EMs stand in the race to high-income status,” UK-based Oxford Economics included the Philippines among emerging markets attempting to catch-up with the United States and other developed countries.

ADVERTISEMENT

A long-term growth indicator showed that the Philippines was among the economies where baseline forecasts implied they could catch-up with the US during the 2020s decade.

The same indicator suggested upside risks to Philippine growth in the long term.

FEATURED STORIES

Last year, Oxford Economics projected the Philippines’ gross

Read More At Article Source | Article Attribution