AN economist-lawmaker on Tuesday called for a Philippine agricultural modernization and a “second agricultural revolution” as he warned of “dark clouds” hovering over the global economy.
During the forum, Salceda warned that a potential global economic crisis could descend if the US decides to dramatically address inflation with monetary policies similar to those pursued during the early 1980s. “Policies to create 5 percentage points of disinflation will be calamitous for the global economy. The global economy will shrink at least as much in output, and our GDP growth, in turn, will probably be lower by 3 percentage points when that happens,” he said.
“That means farmers control the flow, the pressure, and the amount of water they irrigate their crops with, unlike the current system where the 6 percent of our land area that is irrigated is watered with surges of water sometimes, and nearly nothing in other seasons,” he pointed out.
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