Monday, June 6, 2016
Roubini: Moving up in value chain key to economic success
2016 Philippines Business & Investment Forum: Over the past five years, the Philippines has gone from being known as the “sick man” of Asia to the region’s stellar performer, lauded by international investors and analysts as one of the most promising countries for future growth and investment. As evidence, in 2013 the three major international credit rating agencies – Standard & Poor’s, Moody’s and Fitch - all raised the Philippines’ sovereign debt to an investment grade rating, the first time it has achieved this status. The country’s GDP grew at an average of 6.3 per cent from 2010-2014, the highest five-year average in the past 40 years. In order for the country to realize its potential over the next decade, the current consumer-driven expansion will have to change to investment-led growth. Although last year ́s $6.2 billion in foreign investment was the highest figure ever, more international investment is required in strategic areas such as infrastructure, manufacturing, energy, agriculture, education and healthcare. The Philippines Business & Investment Forum in New York will bring together influential leaders from the Filipino government and private sector, along with their U.S. and relevant international counterparts for an in-depth analysis of the Philippine economic and political situation and the opportunities it holds for investors, both in capital markets and in industry. Nouriel Roubini, Chairman & Co-Founder of Roubini Global Economics: Roubini Global Economics’ website, Roubini.com, has been named one of the best economics web resources by BusinessWeek, Forbes, the Wall Street Journal and the Economist. He is also a professor of economics at New York University’s Stern School of Business. Dr. Roubini has extensive policy experience as well as broad academic credentials. From 1998 to 2000, he served as the senior economist for international affairs on the White House Council of Economic Advisors and then the senior advisor to the undersecretary for international affairs at the U.S. Treasury Department, helping to resolve the Asian and global financial crises, among other issues. The International Monetary Fund, the World Bank and numerous other prominent public and private institutions have drawn upon his consulting expertise. He has published numerous theoretical, empirical and policy papers on international macroeconomic issues and coauthored the books “Political Cycles: Theory and Evidence” (MIT Press, 1997) and “Bailouts or Bail-ins? Responding to Financial Crises in Emerging Markets” (Institute for International Economics, 2004) and “Crisis Economics: A Crash Course in the Future of Finance” (Penguin Press, 2010). Dr. Roubini’s views on global economic issues are widely cited by the media, and he is a frequent commentator on various business news programs. He has been the subject of extended profiles in the New York Times Magazine and other leading current-affairs publications. The Financial Times has also provided extensive coverage of Dr. Roubini’s perspectives. Dr. Roubini received an undergraduate degree at Bocconi University in Milan, Italy, and a doctorate in economics at Harvard University. Prior to joining Stern, he was on the faculty of Yale University’s department of economics.
Nouriel Roubini is an American professor of Economics at New York University`s Stern School of Business and chairman of RGE Roubini Global Economics