The Philippines economy is ready to rise again—regain its old growth momentum, that is.
American business magazine, Forbes, has reported that according to a recent McKinsey Global Institute (MGI) study, which mentions the Philippines among the few emerging market economies that are well-prepared to achieve sustained growth over the next decade-- provided that corruption, inflation, and revolution don’t stand in the way, it should be added.
Achieving sustained growth over a couple of decades or longer is among the top challenges for emerging economies. Only 18 countries out of the 71 emerging economies studied by the MGI achieved certain growth benchmarks.
Like more than 3.5% per capita GDP growth over 50 years or 5% growth over 20 years, lifting millions of people out of poverty.
China, Malaysia, India, Vietnam, Ethiopia and Uzbekistan are among the countries that made the list. But not the Philippines. Its high growth rates of the 1960s were interrupted by the familiar villains: corruption, inflation, and revolution.
Still, the Philippines economy has shown a great deal of resilience in recent years, beating China’s at some point. At the end of 2017, it grew at an annual 6.9% in the September quarter, the strongest growth since the third quarter 2016.
That’s slightly above China’s third quarter annual growth, which grew 6.8% in the third quarter of 2017, that country’s weakest pace of expansion since the fourth quarter of 2016. And the Philippines’ economy was still growing at 6% at the end of 2018.
Duterte passing honor guards. Photo: NOEL CELIS/AFP/Getty Images
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