Focus on development, not just staying afloat

omo Kwame Sundaram, UN assistant secretary-general for economic development, said developing countries such as the Philippines should increase investments toward the development of industries.

Emerging economies are in fact declining as much as developed ones, Mr. Sundaram told a forum organized by the Action for Economic Reforms at the Ateneo de Manila University.

And contrary to widespread belief, “less leveraged” markets will not be necessarily spared from the global downturn since economies have become more interconnected due to globalization.

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