According to the news, the Philippines experienced 7.2% GDP growth last year, which should be good considering GDP growth has a strong correlation with job growth. Economists refer to this relationship as Okuns Law. But recent studies point out that this was only true from 1947 up to 1999 during the Long Boom (Silver 2012). Beginning in the 2000s the dynamics have changed. High GDP growth no longer results to high job growth. Ibig sabihin yung 7.2% GDP growth could mean anything. A better economic indicator relevant to Filipinos is job growth. #notaneconomist #justsayin
Posted on: Sat, 01 Feb 2014 03:02:53 +0000
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