Philippine Economy at Present

Topics: Ferdinand Marcos, Purchasing power parity, Philippines Pages: 2 (609 words) Published: September 14, 2013
Philippine Economy at Present
During 1960’s the Philippine economy has experienced repeated boom-and-bust cycles in the 5 decades since the nation achieved independence from the United States. In 1960s its economy ranked as the second most progressive in Asia, next to that of Japan. After 1965, when Ferdinand E. Marcos became president, the nation experienced economic problems and social unrest, especially from the 1970s, when corruption and cronyism (the practice of appointing friends to well-paid posts regardless of their qualifications) took hold. The Philippines in the late 1960s and early 1970s saw a rise student activism and civil unrest against President Ferdinand Marcos who declared martial law in 1972. The peaceful and bloodless People Power Revolution of 1986, however, brought about the ousting of Marcos and a return to democracy for the country. The period since then, however, has been marked by political instability and hampered economic productivity.

Back in 1950 excluding Japan, Malaysia, Hong Kong and Singapore, the Philippines had a higher income per capita than any other nation in East Asia. The Economy of Singapore has a highly developed capitalist mixed economy.  A quarter century after independence in 1965, the city-state had become a manufacturing center with one of the highest incomes in the region and a persistent labor shortage. As one of Asia's four "little dragons or newly industrializing economies. The Economy of Thailand is a newly industrialized economy. It is a heavily export-dependent economy, with exports accounting for more than two thirds of gross domestic product (GDP). The Economy of Malaysia  is a growing and relatively open state-oriented and newly industrialized market economy. The state plays a significant but declining role in guiding economic activity through macroeconomic plans. In 2007, the economy of Malaysia was the 3rd largest economy in South East Asia and 28th largest economy in the world by purchasing power...
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