About The Philippines economic growth
The Philippine economy is regarded as being one of fastest economically developing countries in South East Asian region. In financial year 2007, its gross domestic product grew at a rate of 7.3 percent. This was quickest for the Philippines economy in last thirty years. Economic growth Philippines can stand toe to toe with some other rapidly developing South East Asian economies like India for example.
The Philippines economy under Ferdinand Marcos and Fidel Ramos
Reign of Ferdinand Marcos, who presided over Philippines from 1965 to 1986, saw a stoppage of productivity as well as the Philippines economy growth, as a result of high levels of corruption gripping this country at that point in time. It was in such a bad state that its economic growth rate plummeted below that of a number of South East Asian economies that had not been doing well till then. Fidel Ramos tried to rectify that situation and was able to help Philippine economy register one of its highest gross domestic product growth rate in many years.
The Philippines economy in 1998
In fiscal 1998, The Philippines economy faced a critical situation as a result of after effects of financial crisis that had gripped Asian countries at that time. There were a number of natural disasters that contrived to bring down the Philippines economy. Growth rate was negative – it was -0.6 percent in 1998 compared to 5.2 percent in 1997. However, situation improved in financial year 1999, when this rate became 3.4 percent. There was a major bank failure in fiscal 2000 and in next financial year, President Joseph Estrada vacated his office. These factors contributed to a lower rate of growth.
Present condition of The Philippines economy
In fiscal 2004, the Philippines economy grew at a rate of 6.1 percent. Current President Gloria Macapagal-Arroyo has been adopting economic measures and steps that are geared towards taking the Philippines economy towards greater growth. However, these steps are fraught with risks.