Since the end of World War II, the Philippine economy has been very turbulent. Initially a fast growing economy, the Philippines was one of the richest countries in Asia (following Japan).
During the regime of Ferdinand Marcos the economy grew at a rate consistently slower than the years preceding and following him, destabilized by corruption. Marcos embezzled billions of dollars from the national treasury. By the time of the People Power revolution, the economy had declined, falling severely below the growth of other nations in Southeast Asia. A severe recession in 1984-85 saw the economy shrink by more than 10%, and perceptions of political instability during the Aquino administration further damped economic activity. During this time, capitalism became highly prevalent in the nation, as major American corporations dominated local industry alongside a few local entrepreneurs. Fidel V. Ramos managed to briefly stimulate the economy during his reign as president, posting one of the Philippines' highest GDP growth rates. The country, however, could not recover entirely from the economic slowdown in the Marcos regime.
source:
Economy of the Philippines - Wikipedia, the free encyclopedia
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