Question

In our own point of view, What do you think are the step that the philippines should take, for us to catch up with these progressive countries such as singapore and japan in terms of economic development?

Answer 1

The Philippines should invest in education, technology, and infrastructure, and adopt market-oriented policies to catch up with progressive countries economically.

Step-by-step explanation:

To catch up with progressive countries such as Singapore and Japan in terms of economic development, there are several steps that the Philippines should consider.

1. Emphasis on Education and Human Capital: Invest heavily in education to create a skilled workforce capable of driving and sustaining economic growth.
2. Investment in Technology and Infrastructure: Develop technological capabilities and modernize infrastructure to improve productivity and competitiveness.
3. Adopting Market-Oriented Policies: Shift towards a more open and competitive market economy to attract foreign investment and promote entrepreneurship.

By learning from the economic success stories of the East Asian Tigers, focusing on macroeconomic stability, and integrating into the global market, the Philippines can stride towards substantial economic growth.