The Philippine Economy in 2050 (Part 2)
The second reason why I chose 2050 for this futuristic look at the Philippine economy is my focus on South Korea as the best model among East Asian economies for the Philippines to emulate, despite some important differences in factor endowments and culture. South Korea was finally declared as an advanced economy by the United Nations Conference on Trade and Development (UNCTAD) only last July 2021, about 25 to 30 years after it attained upper-middle income status in the late 1980s or early 1990s. The Philippine economy will attain upper-middle income status some time in the next three years, delayed by the pandemic. The year 2050 will be about 25 to 30 years after we shall have attained upper-middle income status, which in today’s prices is reached by emerging markets when they are able to surpass a per capita income of $4,000.