What particular stage of economic development as per Walt W Rostow is the Philippines positioned at present? Provide atleast 2 factors that contribute to our current economic status
Answer (1)
As of the current economic context, the Philippines is often considered to be in the "Preconditions for Take-Off" stage according to Walt W. Rostow's stages of economic growth. This stage is characterized by significant investments in infrastructure, human capital, and the establishment of institutions that can facilitate economic growth, but the country has not yet reached the "Take-Off" stage where sustained and rapid economic growth becomes self-sustaining.Two factors contributing to the Philippines' current economic status are:Infrastructure Development:The Philippines has been investing in infrastructure projects, such as roads, bridges, and public transportation, to improve connectivity and support economic activities. However, despite these efforts, the infrastructure remains underdeveloped compared to more advanced economies, which affects overall economic efficiency and growth potential.Human Capital and Education:The country has made progress in expanding educational opportunities and improving the skills of its workforce. However, challenges persist in terms of the quality of education and the alignment of skills with industry needs. Investment in human capital is crucial for transitioning from the "Preconditions for Take-Off" stage to the "Take-Off" stage, where a skilled and educated workforce can drive higher levels of economic growth.
