The view that we are on the verge of becoming an upper middle-income economy comes from the perspective of an observer perched on top of the economic totem pole. administration economic managers expect that our average per capita income may reach the upper middle-income threshold by 2024. In 2021, our country posted a $3,640 GNI per capita, qualifying it as a lower middle-income economy. The World Bank defines upper middle-income economies as those with gross national income (GNI) of $4,096 to $12,695. I wonder what portion of our recent economic growth is due to government spending, but I wouldn’t be surprised if a lot of businesses that are flourishing are somewhat connected, directly or indirectly, to a project financed by public funds. Indeed, the government is the only entity that keeps on spending, and even aims at spending more, during times of economic crisis. Even with the recent change of administration and the easing up of health restrictions, my friend intimates that he does not yet see a shift in business confidence because companies have been holding up on investments, and foreign investments have not been coming in.īecause he’s not optimistic on when private business will get back on its feet, my friend is shifting his focus to doing business with the government. When our country’s economy grounded to a halt because of the pandemic, the chain reaction of downturns seriously affected my friend’s business. My friend supplies promotional services to big commercial institutions.
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