FAIR TAXATION UNDER THE GLOBAL ANTI-BASE EROSION RULES?

In 2021 the OECD launched the Global Minimum Company Tax to implement the Action 1 of the BEPS Project. This instrument has seen as a good mechanism to prevent company avoiding taxes at the global level and to stop existence of the harmful tax regimes worldwide, as well as a good mechanism to achieve fair taxation in the era of global digitalization. However, the broke-out of the COVID-19 pandemic and, consequently, the close of the national borders, then armed conflict between Russia and Ukraine, boost financial crisis and the crises in almost all social and industrial spheres at the global level. Such unwilling trend, between all, has influenced behavior of the companies and the initial optimism of the OECD and other international organizations that the global minimum company tax, at the very end, would end existence of the harmful tax regimes, tax avoidance and unfair taxation, dropped significantly. Therefore, at the very end of the 2022 and the beginning of the 2023, the OECD launched consultation document on tax certainty in the application of the Pillar Two of the global minimum tax known as a GloBE (Global Anti-Base Erosion) Model Rules. This paper deals with mentioned issue and actual problems that the application of the GLoBE rules is faced with.

Introduction

Individualised employment relations formed a key pillar of the shift to neoliberal economic policy in the 1980s, complementing other dimensions of orthodoxy deployed across governments, public administrations and central banks in the same time. In the neoliberal narrative, market forces would ‘naturally' and justly compensate labour for its contribution to productivity, like any other input to production. Consequently, redistributive institutions empowering workers to win more adequate wages and conditions (through minimum wages, Awards, unionisation, and collective bargaining) were dramatically eroded, or discarded entirely. Combined with welfare state retrenchment, this restructuring of labour market policy increased the pressure on people to sell their labour, and under terms over which workers wielded little influence. Since then, forms of insecure, non-standard work have proliferated globally, and employment relations have been increasingly individualised. Now, most workers in Anglo-Saxon market economies, and a growing proportion of workers in European and Nordic nations, rely on individual contract instruments (underpinned only by minimum wage floors typically far below living wage benchmarks) to set the terms and conditions of employment. Wages have stagnated, the share of GDP going to workers has declined, and inequality and poverty (even among employed people) has intensified. More recently, after years of this employer-friendly hegemony in workplace relations, successive crises (first the GFC and then the COVID-19 pandemic) have more obviously shattered traditional expectations of a natural linkage between economic growth and workers' living standards.After a generation of experience with this individualised model of employment relations, and with the human costs of that approach becoming ever-more obvious, there is renewed concern with reimagining policies and structures which could support improvements in job quality, stability, and compensation. Important policy dialogue and innovation is now occurring in many industrial countries, in response to the negative consequences of neoliberal labour market policies. In those conversations, institutions like collective bargaining have returned to centre stage.

Economic Uncertainty and Firms' Capital Structure: Evidence from China

This article assesses the effects of economic uncertainty on the corporate capital structure of Chinese-listed firms using a panel dataset of 1138 firms with A-shares traded on the Shanghai Stock Exchange and Shenzhen Stock Exchange for the period 2006–2020 and fixed-effect regression analysis. Economic uncertainty had a negative influence on Chinese firms' debt ratios, especially for non-state-owned enterprises. Furthermore, firms' leverage decreased on average during the 2008 Great Recession, whereas it increased during the 2018–2019 US–China Trade War and the 2020 COVID-19 pandemic. The findings provide quantitative evidence of the effects of economic uncertainty on the capital structure of firms in a transition economy.

La significación del trabajo *

El debate social acerca de la cuestión del trabajo y de su valor se vuelve frecuentemente confuso debido a la polisemia de la noción tanto de trabajo como la de su valor. En lo referente a la primera, la gran variedad de los tipos de trabajo pone en relieve su indeterminación. Por su parte, la noción de valor cuando se aplica al trabajo, puede adoptar tres enfoques distintos: como modo de desarrollo personal y de socialización, el trabajo puede ser un valor fundador del ser humano (lo cual se aborda en la primera sección de este artículo);también se le puede reconocer como la fuente primaria de la producción de valores de uso (discutido en la segunda sección), y, en fin, se le puede insertar en la esfera mercantil, si bien es cierto que el trabajo no es una mercancía, la fuerza de trabajo se intercambia en las economías de mercado como si lo fuese (lo que se trata en la tercera sección).Alternate :The social debate on the question of work and its value often becomes confused due to the polysemy of the notion of both work and its value. When it comes to the former, the great variety of types of work highlights its indeterminacy. For its part, the notion of value when applied to work can adopt three different approaches: as a way of personal development and socialization, it can be a founding value of the human being (which is addressed in the first section of this article);it can also be recognized as the primary source of the production of use values (discussed in the second section), and, finally, it can be inserted into the market sphere, although it is true that labor is not a commodity, labor power is exchanged in market economies as one (discussed in the third section).

PUBLIC-PRIVATE PARTNERSHIPS: POLICY PRESCRIPTION DURING THE ERA OF PANDEMICS

The COVID-19 pandemic caused disruptions in global supply chains that have resulted in prolonged shortages and financial hardships for many corporations. While organizations have dealt with supply chain interruptions for natural disasters and stock market crashes before, the COVID-19 pandemic presented a larger and unique challenge, and it required the need for resiliency in supply chains. This paper discusses several alternatives that can mitigate potential supply chain disruptions. Despite the natural inclination to protect domestic companies and industries, this paper cautions against the use of protectionism policies to prevent supply chain disruptions, as protectionism is proven to be damaging to innovation and eliminates the positive aspects of international trade and globalization. The paper recommends that governments and corporations establish strategically designed and aligned public-private partnerships that simultaneously encourage the principles of the free-market economy while providing increased preparation for supply chain disruptions caused by future global events. We further attest that Public-private partnerships will increase supply chain resiliency while simultaneously enhancing public welfare.

Comparative Study on Socio-Spatial Structures of the Typical Plain Cities of Chengdu and Beijing in Transitional China

China's socioeconomic transformation and rapid urbanization since the end of the 20th Century have had an important impact on the social spatial structure of large cities. Social differentiation within cities is becoming increasingly prominent. Using detailed data gathered by the Fifth National Population Census of 2000, this study compares the social spatial structure and dynamic mechanisms of the core areas of the cities of Beijing and Chengdu. Factorial ecology analysis is used at the mesoscale to explore the following research questions: ‘How did factors shape the social spaces of two cities with similar topography but at different stages of development during China's transition from a planned to a market economy?';and ‘Are the traditional Western theories of socio-spatial interpretation equally applicable to China?'. The results show that Chengdu exhibits a combination of a concentric circle, fan-shaped, and multi-core socio-spatial structure, while Beijing shows a fan-shaped structure. In 2000, influenced by its overall level and stage of socioeconomic development, Beijing was experiencing a faster socio-spatial transformation than Chengdu, and the driving effect of capital on social differentiation and spatial competition was more obvious. The main dynamic mechanisms driving the formation of socio-spatial structures in Beijing and Chengdu include the natural environmental foundation, historical inheritance, urban planning, housing policies, and international influence. The three major variables in the study of traditional Western social spaces, namely economy, family, and ethnic status, were confirmed as applicable to our two case study cities with socioeconomic status as measured by occupation and housing conditions exerting the strongest effect. This perspective of comparing different cities in the same transitional period offers unique insights in identifying the key drivers of socio-spatial differentiation and polarization and their relative magnitude of effect, while enriching the catalog of empirical urban social space research both in China and in the rest of the world.

Central bank asset purchase programs in emerging market economies

We investigate the impact of Asset Purchase Programs by 14 EME central banks during COVID-19, finding a statistically significant effect in compressing bond spreads vis-à-vis the US. A counterfactual analysis shows that without APPs, EME bond spreads would have been higher. Country-specific VAR impulse response functions indicate that a shock imposed on asset purchases becomes persistent on bond spreads after around 5 – 10 days, with a peak effect of around 40 basis points. Persistent stabilizing effects are also found on exchange rates and capital flow volatility, while stock markets and inflation expectations are overall not affected by the APPs. © 2023 The Author(s)

Skill redefinition and classification, capitalism, and labour process theory of work: evidence from Thailand

Purpose: This paper aims to apply a mixed-methods approach to redefine essential work skill sets, propose components of these skill sets that are necessary for workers in the contexts of emerging market economies (EMEs), examine potential selection tools that should be applied across firms and explain implications for the labour process theory (LPT) of work. Design/methodology/approach: During the first phase of this study, qualitative data was collected from methods, including semi-structured interviews with human resources (HR) experts from the Personnel Management Association of Thailand, top and HR executives and managers of firms across industries in Thailand. Non-participant observations were made during the pre-interview, interview and post-interview stages. Analysis of archival documents and Web-based resources was then conducted. The authors used the qualitative data obtained from the first phase to develop survey instruments for conducting quantitative research during the second phase of this study. Findings: The empirical findings demonstrate that essential work skill sets are "soft skills” that help workers survive and thrive in the business arena in EMEs. These essential work skill sets have implications for the LPT of work in that they play an important role in transferring the power of negotiation from employers to workers in the labour market. Essential work skill sets here can be divided into eight skill domains: (1) ideation and system thinking, (2) information and digital literacy, (3) social skills with appreciation for diversity and inclusion, (4) communication and language, (5) creativity and innovation, (6) emotional quotient (EQ) for self-management and development, (7) growth/outward mindset and (8) cognitive skills for the job role. Within each essential work skill set, there are several skills that workers in the current world of work need to possess (42 skills in total). Additionally, potential selection tools include behavioural observation, behavioural-based interviews, STAR (Situation, Task, Action and Results) interviews, role plays, case studies and simulations, high-pressure interview questions, project assignments, assessment centres, in-depth interview questions and special methods, such as face reading and fingerprint reading. Top and HR managers across industries strongly agree that the eight essential work skill sets and 42 skills are necessary for workers to survive in the business arena in EMEs. They also strongly agree that talent selection tools, especially behavioural-based interviews, are used by their firms to select high-skilled job candidates in the labour market. Research limitations/implications: Because the eight essential skill sets proposed in this paper are based primarily on the qualitative data obtained from top/HR managers in firms across some industries, generalization to respondents across other industries or across other EMEs may be limited. It is possible that the context of other EMEs may be different from that of Thailand. In this regard, some of the essential work skill sets that are suitable in the case of Thailand may not be suitable in the case of other EMEs. Future studies should thus explore how institutional contexts of other countries/economies shape the definition of essential skill sets and their components, as well as potential selection tools that shall be applied to select high-skilled labour in those contexts. Practical implications: This paper provides practical implications for top managers and/or HR managers of firms across various industries in EMEs. In particular, managers should internally train and develop their employees/workers to possess the eight essential skill sets: (1) ideation and system thinking, (2) information and digital literacy, (3) social skills with appreciation for diversity and inclusion, (4) communication and language, (5) creativity and innovation, (6) EQ for self-management and development, (7) growth/outward mindset and (8) cognitive skills for the specific job role so that their employees/workers can survi e and thrive in the era of the brittleness, anxiety, non-linearity and incomprehensibility of the business world under pandemic conditions. Additionally, top managers and/or HR managers of these firms should apply the potential selection tools proposed in this paper to probe into job candidates' past experience and behaviours to better predict such candidates' success at work. In this regard, job candidates/workers should prepare themselves to possess these essential work skill sets so that they can be successful in the business arena and should understand potential selection tools that firms may apply to recruit and select them. Social implications: This paper provides social/policy implications for the government and/or relevant public agencies of Thailand and of other EMEs. These governments should encourage firms across industries to invest resources in training and developing their employees/workers to possess those essential work skill sets so that these employees/workers are industry-ready, leading to the alleviation of the problems of skill and mismatch in the labour market. Originality/value: This paper contributes to the prior literature on human resource management (HRM), the comparative institutional perspective on employment systems based on the varieties of capitalism (VoC) framework and the LPT of work in the following ways: first, this paper fills in the research gap in the field of HRM that calls for studies that explore how the COVID-19 pandemic shapes essential skill sets and skills development among workers within firms (Cooke et al., 2021). Second, this paper provides implications for the LPT of work regarding how essential work skill sets are likely to return the power of negotiation from employers to workers in EMEs during the current situation. Third, the VoC framework tends to focus on only two types of economies, liberal market economies and coordinated market economies. However, this paper examines essential work skill sets and potential screening tools in the context of the underresearched country of Thailand, an EME. In fact, the Thai labour market is quite different from that of other EMEs labour markets, as it is impacted by an aging workforce. This paper contributes to the literature on comparative institutional perspectives on employment systems as it redefines essential work skill sets, proposes various components of these skill sets among workers and examines potential selection tools that are applied across firms located in EMEs. © 2023, Emerald Publishing Limited.

Macroeconomic Effects of COVID-19 Across the World Income Distribution

The macroeconomic effects of the COVID-19 pandemic were most severe for emerging market economies, representing the middle of the world income distribution. This paper provides a quantitative economic theory for why emerging markets fared worse, on average, relative to advanced economies and low-income countries. To do so we adapt a workhorse incomplete-markets macro model to include epidemiological dynamics alongside key economic and demographic characteristics that distinguish countries of different income levels. We focus in particular on differences in lockdown stringency, public insurance programs, age distributions, healthcare capacity, and the sectoral composition of employment. The calibrated model correctly predicts the larger output losses and greater fatalities in emerging market economies, matching the data. Quantitatively, emerging markets fared especially poorly due to their high employment share in occupations requiring social interactions and their low level of pubic transfers, which leads economically vulnerable households to continue working in the market rather than sheltering at home. Low-income countries fared relatively better due mainly to their younger populations, whom are less susceptible to disease, and larger agricultural sectors, which require fewer social interactions.

Identifying the factors impacting upon personal tax compliance: a study involving tax affairs officers of Malaysian businesses

It is assumed from the literature reviews in taxation that a tendency for tax non-compliance exists among the officers who deal with tax matters in their business establishments in Malaysia when they do not comply with their respective tax systems. The hitherto published studies have not yet explored the tax compliance behaviour of tax affairs officers. Given this gap in the literature, this study endeavours to investigate the factors that impact corporate tax affairs officers' personal tax compliance behaviour in Malaysia. Using purposive and snowball sampling techniques, the data was collected from 392 tax affairs officers of businesses in Malaysia. SmartPLS is used to analyse the data and test the hypotheses. The findings of this study reveal that peers' tax compliance, audit probability, service quality of tax authority, and satisfaction with government spending strongly impact upon personal tax compliance behaviour of corporate tax affairs officers. This study opens a gateway to producing extensive and expeditious empirical evidence that could support the relation between tax affairs officers' personal tax compliance and their decision-making on corporate tax compliance.

COVID-19 AND THE WORKPLACE OF HIGHER EDUCATIONAL INSTITUTIONS IN DEVELOPING MARKET ECONOMIES: LESSONS, POLICY OPTIONS AND THE EMERGING NEW NORMAL

The COVID-19 pandemic, which was declared a global health crisis by the World Health Organisation (WHO) in 2020, has affected entire sectors of the globe, including the educational sector of developing market economies. This paper attempts to add value to the extant literature and debates on the effects of the COVID-19 pandemic on the workplace of higher educational institutions in developing market economies (WHEIDMEs). Using content analysis and a multiple perspective approach (MPA) that is mainly descriptive, the paper argues that beyond the generic view of the catastrophic effect of the COVID-19 pandemic on tertiary educational institutions in developing market economies and the world in general, the pandemic has propelled positive lessons and changes in the management and administration of higher educational institutions (HEIs) in developing market economies. Agba, Ocheni, and Agba (2020) revealed that the COVID-19 outbreak has altered and transformed the fabric of the workplace. The study recommends, among others, that managers of HEIs in developing market economies should build capacity in the area of information and communication technology (ICT), seek adequate funding for the sector from relevant authorities, and take steps that will prepare the educational industry for future emergencies and shocks. Conclusively, lessons leading to pragmatic policy options that are collaborative, adaptive, innovative, and digital are the emerging new normal in HEIs in developing market economies. The study is significant because the findings, lessons, and recommendations of the paper will to a large extent, if adopted, enhance the effective management of HEIs in developing market economies. © 2022 The Authors.

The Association between Outside Directors’ Compensation and ESG Performance: Evidence from Korean Firms

Environmental, social, and corporate governance (ESG) has become essential for corporate sustainability. Among ESG activities, we focus on governance structure since firms can properly engage in activities related to environmental and social responsibility only when their corporate governance structures are well established. Outside directors play an important role in governance structure since they monitor the management and provide expertise to the board of directors. In this study, we pay particular attention to the compensation of outside directors, which reflects the effort, expertise, and independence of outside directors. Based on data from listed firms on the Korea Stock Exchange in South Korea between 2014 and 2020, we examine the association between outside directors’ compensation and ESG performance in certain firms with unique governance structures, namely, chaebols (or family firms). We find that the compensation of outside directors is positively associated with ESG performance, implying that outside directors’ compensation motivates effective monitoring and advisement of management and has an incremental effect on ESG performance. We suggest that the compensation of outside directors is one of the key factors that can significantly affect ESG performance. Therefore, investors and policymakers may evaluate whether a firm is doing well in terms of ESG activities by examining the compensation of outside directors.

Do Local and World COVID-19 Media Coverage Drive Stock Markets? Time-Frequency Analysis of BRICS

The role of media coverage as a proxy for investor sentiments has led to the assessments of the impact of COVID-19 media coverage on financial markets. To determine how both local and global media coverage affect financial markets differently, we investigate this issue from the perspective of top emerging markets, BRICS (i.e., Brazil, Russia, India, China, and South Africa). With datasets covering January 2020 to March 2022, we employ the wavelet coherence technique on two major subsamples, viz. initial outbreak year sample and the “new normal” era sample. Our findings demonstrate the leading role of BRICS equities in the initial outbreak period, particularly across medium and low frequencies. In the “new normal” era, we find a significant effect of world media coverage on BRICS equities. We discuss the implications of our findings, which are of importance to investors, policymakers, and practitioners.

Currency hierarchy and financial globalization in emerging economies: how far does Riese’s critique of growth by external debt still hold?

How has financial globalization changed the nature of the external vulnerability of emerging economies? The authors first present an overview of the changes in international capital flows and cross-border stocks involving emerging economies from the 1970s to the COVID-19 crisis, and then identify relevant recent shifts in financial globalization. They depart from the critique of growth by debt strategies, put forward, among others, by Riese, and the concept of currency hierarchy. Their question is whether this critique still holds when one considers the main recent features of financial globalization. They find that Riese’s contributions are still relevant when analysing the external vulnerability of emerging-market economies (EMEs), even with caveats that stem from his oversimplified view of the financial sector. They conclude that financial vulnerability overall has not decreased, but rather has changed its nature and the channels through which it affects EMEs, becoming more complex. © 2022 The Author.

Pension systems in south-eastern Europe: what worked and what did not

Many south-east European states made the transition from socialist to market economies. All described here had to reform their pension systems to match the new context in which these operated. The experiences of 10 countries are reviewed – seven of which were once part of Yugoslavia. Some countries’ reforms were more radical than others. Five of them merely adapted the Bismarckian systems they had inherited;four others adopted the “three pillar” model that the World Bank had been propagating. One went further than that. The four who followed World Bank model were often forced to backtrack. Whatever the longer-term benefits, they generated their own shorter-term fiscal problems. Nonetheless, the most radical reformer gives some indications of possible ways forward. The south-eastern European states do not have financial markets that can support capitalised/funded pension systems. Nor do they have the resources to pay proportional pensions that, at the same time, keep retired people out of poverty. The article suggests that their governments should concentrate upon improving economic performance to satisfy longer term aspirations and on ensuring that pensioners are able to live properly if not luxuriously by using tax-financed transfer measures. Provision above this level can be secured through savings plans, but it must be accepted that the investments to secure those savings will have to be made abroad.

Striding on a Winding Road: Young People’s Transitions from Education to Work in Bulgaria

The transition from education to work in the global economy is no longer a straightforward one-time move for young people. In Bulgaria, this change started with the transition from a centrally planned economy to a market economy in the 1990s and was accompanied by the arrival of high rates of early school leaving, youth unemployment, and a growing group of disengaged youths (NEETs). The European initiatives in support of youth labour market integration are translated locally, with a narrow focus on “employability” while neglecting the many educational, training, and social needs of young people. The analysis in this paper is informed by the theoretical framework of life course research. It starts with an elaboration of the recontextualisation of EU policies such as the Youth Guarantee in the local realities of socioeconomic structures using Eurostat and national data. Second, we present 4 case studies (selected out of a total of 42 in-depth interviews) of young adults aged 18–30 in order to highlight the ways in which young people’s individual agency filters and influences the institutional policies and practices regulating youth social integration. Our qualitative analysis reveals the multiplicity and diversity of youth journeys into work through the institutions and social structures and the inadequacy of the applied policy measures.

The Indian economy at 75

India became independent in 1947 and, beginning in 1950, it adopted a democratic constitution and a socialist development model that relied heavily on protectionism, promotion of heavy industries by the public-sector and strict controls on private investment through licensing. While democracy flourished, the economy languished. After three decades in 1980, per-capita incomes had risen barely more than 50%. This failure led to a very gradual process of liberalisation in the 1980s, with a balance-of-payments crisis in 1991 triggering a more fundamental switch to a market economy model. Growth began picking up in the late 1980s and greatly accelerated in the 2000s. Poverty saw a sharp decline in the post-liberalisation era as well. While COVID-19 shock has dented growth, with a number of reforms already in place, prospects for 7–8% annual growth in the forthcoming decades look excellent.

Games theory and strategic alliances: applications to British Russian partnership

Purpose>This conceptual paper examines the need for viable theoretical models of international learning alliances in the light of cooperative games and complexity in two distinguished educational settings. Game theory is used to demonstrate the need for the top managerial executives to acquire a detailed understanding of decision makers' behaviours and trigger the deployment of complex analytical methods. The paper scrutinizes Russia's pursued aggressive approach using shock therapy, also suggest the critical need to reform policy.Design/methodology/approach>Combining the critical analysis of (1) cooperative games and (2) adaptive systems structures, a dependable model is derived, which sets the baseline for determining the role of costs and gains. The analysis is supported using a real-world example of an alliance between British University (the X and Y alliance) and Russian University. It also emphasizes the importance of both internal and external pressure variables closely connected with the cooperative games, adaptive system and shock therapy.Findings>Two features of alliances have been emphasized. The first is the importance of informal relationships in the evolution of partnerships and of cooperation. This is a well-known factor in the success of any relationship. Especially in international partnerships, empathy at the individual level is perhaps necessary to bypass the influence of historical and cultural differences that are barriers at the macro level, preconditions rather than consequences of successful policies and contractual arrangements at the level of organizations and governments. The second feature is interdependence at the cost–benefit level and in the domain of decisions. The cooperation of both partners is required to realize payoffs.Practical implications>The implication of this paper is a guideline for regulators and policymakers designing worldwide alliances in higher education. In addition, this paper covers an interesting domain that could be of interest to organizations involved in forming strategic alliances, developing and re-engineering policies for strategic coalitions and setting future profitable payoff relationships within the contextual limitations of X and Y.Originality/value>This paper creates new knowledge by concisely examining the meaning of strategic alliances in the context of the global education industry.

Australian Public Universities and the Destruction of the Academic Community*

The Coalition Federal Government led by Scott Morrison has raised tuition fees for humanities and social sciences (Campbell and Johnson 2020) and changed the law three times to ensure that the financial support called "Job Keeper" would not be given to public universities, while at the same time millions of dollars have been given to private universities (Price 2021). [...]these issues of public concern have not been reported nearly as much as they should have been. According to university statutes the key function of the university is: 'the promotion, advancement and transmission of knowledge and research' (Sydney University Act 1989). There is a deep communal logic that is inherent to the gift economy, which is in fact the opposition to the logic of the market economy: 'It is the cardinal difference between gift and commodity exchange that a gift establishes a feeling-bond between two people, while the sale of a commodity leaves no necessary connection' (Hyde 2007: 58).

A Novel Multi-Factor Three-Step Feature Selection and Deep Learning Framework for Regional GDP Prediction: Evidence from China

Gross domestic product (GDP) is an important index reflecting the economic development of a region. Accurate GDP prediction of developing regions can provide technical support for sustainable urban development and economic policy formulation. In this paper, a novel multi-factor three-step feature selection and deep learning framework are proposed for regional GDP prediction. The core modeling process is mainly composed of the following three steps: In Step I, the feature crossing algorithm is used to deeply excavate hidden feature information of original datasets and fully extract key information. In Step II, BorutaRF and Q-learning algorithms analyze the deep correlation between extracted features and targets from two different perspectives and determine the features with the highest quality. In Step III, selected features are used as the input of TCN (Temporal convolutional network) to build a GDP prediction model and obtain final prediction results. Based on the experimental analysis of three datasets, the following conclusions can be drawn: (1) The proposed three-stage feature selection method effectively improves the prediction accuracy of TCN by more than 10%. (2) The proposed GDP prediction framework proposed in the paper has achieved better forecasting performance than 14 benchmark models. In addition, the MAPE values of the models are lower than 5% in all cases.