Author Topic: Philippines, India are actually fake "industrialized" economies  (Read 201 times)

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This report is a few years old but it is highlighting a very interesting trend in both India and the Philippines:continued deindustrialization.  These countries will not go through a hard manufacturing phase but hop over to a service economy.  The masses need jobs that will not be there, and basic necessities which can be locally manufactured will still be imported.  I think India and the Philippines will be even poorer in the future once the overseas migrants enter 2nd mestizo generation and settle down in foreign countries and stop sending money back to the Philippines.
The Philippines was rated in the early 1960s by the World Bank as second only to Japan in Asia's industrialization race. In the 1970s–1990s, the Philippines pursued export-oriented industrialization (EOI). However, the Philippines’ industrial drive failed to take off and we trace this failure to the narrow program of EOI that Philippines pursued with the support of international financial institutions, which was myopic because it simply focused on how to open up the economy without a focus on industrial upgrading. There were no value-adding linkages with the domestic economy, home-grown export champions, program for upgrading and infrastructure and support institutions for national producers. The failure is due to the absence of systemic governance and policy coherence. Nonetheless, the Philippines has posted positive growth rates in recent decades, due largely to remittances of Filipino migrant but has helped transform the country into a service-sector-led economy without passing through industrial transformation.

Offline CoconutXO

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Re: Philippines, India are actually fake "industrialized" economies
« Reply #1 on: February 13, 2020, 07:57:56 PM »
The manufacturing and the service sector must go hand in hand in high functioning economies. Otherwise, it's just retailing.

The profit margin in retailing can be very low.

Food and drug stores operated on a 1.5 percent margin. That year, automotive retailers posted losses at -7.9 percent profit margin, although the previous year, they operated on an average margin of 1.1 percent. 

Products being exported from Hong Kong, a country with just 7 millions people.

Electrical machinery and appliances.
Textiles and apparel.
Watches and clocks.
Toys and plastics.
Precious stones.
Printed material.

Hong Kong's Other Notable Exports

Integrated Circuits – $96.9 billion.
Telephones – $50.9 billion.
Broadcasting Equipment – $23.6 billion.
Office Machine Parts – $20.4 billion.
Computers – $19.9 billion.

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