Philippines under Duterte is world’s 10th fastest growing economy —Forbes

Way back before, the Philippines is already known worldwide for its beauty but it became more popular when President Rodrigo Duterte became the head of the state.


Duterte was called a "murderer" by his critics due to his bloody war on drugs and accused of extra-judicial killings (EJKs).

But amid controversies, the Philippines was labeled as the 10th fastest growing economy in the world in 2017.

According to Forbes magazine, as what they gathered in the data of Global Economic Prospects, the Philippines is still growing economically after all the negative issues of killing.

Also, it is said that the economy is expected to incline by 6.5 to 7.5 percent, which is almost double the figure for its long-term growth.

“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,” Forbes said.

“Apparently, President Duterte’s harsh domestic policies and foreign policy flip-flops haven’t undermined Philippines economic growth, at least not yet,” they added.

Also, the Transparency International and the Global Competitiveness reports were having a doubt fro the upcoming years if the Philippines could sustain its growth because they believed it's getting corrupt and less competitive.

"Those who have followed the Philippines economy for a long time have seen a familiar show: hard working Filipinos remain poor, watching the people of other nations in the region get rich," Forbes said.

"Revolutions come and go in Philippines, but the old villains -- corruption and political oppression -- remain intact, holding Filipinos back from making the transition from poverty to riches."


Source: Forbes

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