Down the road, exports to the United States, Europe, and China will continue to pick up and those to the emerging economies including the ASEAN economies, where somewhat weak performance has been observed, are expected to start picking up as growth in these economies gathers momentum. Thus, exports on the whole will likely increase moderately as overseas economies recover. II.
As unfavorable demographic trends will have a negative impact on the growth of labor supply, future growth will be more dependent on productivity. Research shows that human capital is a key driver for productivity growth. Public investment is required, because of credit restrictions, which for example prevent access to education for disadvantaged groups, and externalities associated with investment in human capital.