INQUIRER.net: PH, other Asian economies warned against bypassing manufacturing

INQUIRER.net Philippine News for Filipinos

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PH, other Asian economies warned against bypassing manufacturing Aug 22nd 2013, 01:39 SINGAPORE—Growth-hungry Asian economies that bypass industrialization and leapfrog from agriculture to the services sector may fall into a "middle income trap," the Asian Development Bank (ADB) has cautioned.   ADB chief economist Changyong Rhee said the region's low-income economies should focus on developing their manufacturing sectors, which would in turn generate high-quality service jobs and improve agricultural productivity.   "A lion's share of Asian economies are moving directly from the agricultural sector to the services sector, bypassing industrialization," he told a news conference in Singapore on Wednesday.   "We find that historically,... Keep on reading: PH, other Asian economies warned against bypassing manufacturing Media files: bpo2.jpg (image/jpeg)

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