Philippines made it to the Top 10 fastest growing economy in the world this 2017 according to Forbes.com under the administration of Pres. Rodrigo Duterte.
In the World Bank’s Global Economic Prospects, Philippines’ economic progress was projected to reach 6.5 to 7.5 % increase and that is twice the Philippines’ long term growth.
The recorded annual rate of Philippines’ Gross Domestic Product averaged at 3.68% from 1982–2017, the lowest was in 1985 with 11.10% and the highest GDP was 12.40$ in 1988.
“The Philippines economy has benefited from a stable macroeconomic environment of low inflation and low debt to GDP ratio, which has helped sustain a healthy domestic demand growth; and from a revival of the Asian Pacific region that have boosted exports, which account for close to a third of GDP. Exports from the Philippines rose 12.1 percent from a year earlier to USD 4.81 billion in April of 2017.”
Forbes stated that President Duterte’s strict and stern reforms and foreign policy flip-flops haven’t affected negatively the Philippine economic growth. In addition to this, sustaining the current economics’ growth is demanded from the Duterte’s administration.
Forbes also pointed out that one of the cause of continuous poverty in the country were the old villains, the corruption and political oppression which barred the unprivileged and poor Filipinos to realize changes in their economic status and improve their standard way of living.
Originally published on Blogger