The UST Graduate School, in collaboration with the International Monetary Fund (IMF), held an insightful event titled 鈥淭rading Place: Real Spillovers from G20 Emerging Markets鈥� on May 3, 2024, hosted at the Tanghalang Teresita Quirino.
UST Graduate School Dean Prof. Michael Anthony C. Vasco, Ph.D., delivered the opening remarks, shedding light on the Philippines鈥� aspiration to ascend to an upper middle-income economy status since the 1980s. He underscored the projected 5.9% growth rate of the Philippine GDP for 2024 and underscored the imperative for the nation to address pivotal factors for economic expansion, including geopolitical stability, robust governmental institutions, judicious economic policies, an equitable business environment, a competitive skilled workforce, transparent economic practices, and the relentless fight against corruption.
The event featured a presentation on the IMF鈥檚 seminal publication, the World Economic Outlook (WEO). Nicolas Fernandez-Arias, Ph.D., a Princeton University alumnus and lead contributor to Chapter 4 of WEO, discussed the spillovers from G20 emerging markets. Fernandez-Arias expounded on the significant impact G20 emerging markets have had on the global economy over the past two decades, boasting an average annual growth rate of 6% and now constituting approximately 30% of the global economy and a quarter of global trade. Their deeper integration into the global economy, particularly through Global Value Chains (GVCs), has accentuated their global influence.
The event鈥檚 overarching objective was to examine how a conceivable acceleration in growth within G20 emerging markets, excluding China, could fortify global growth in the medium term and permeate into other nations. Moreover, discussions centered on how policymakers in recipient economies can fortify their policy frameworks and maintain adequate buffers to navigate potential larger shocks stemming from G20 emerging markets.
