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Philippine economic development, looking backwards and forward: An interpretative essay

Hal Hill ()

Departmental Working Papers from The Australian National University, Arndt-Corden Department of Economics

Abstract: Over the past decade, the Philippine development story has attracted international attention as it transformed from being the “Sick Man of Asia” to “Asia’s Rising Tiger”. However, the country’s strong growth momentum was abruptly interrupted by the COVID-19 pandemic, which continues to cast a huge shadow over its development outlook. With the country now at the crossroads, this paper reflects on and draws lessons for economic development and policy by examining the country’s three main economic episodes over the post-independence era: (a) the period of moderately strong growth from 1946 to the late 1970s, (b) the tumultuous crisis years from the late 1970s to the early 1990s, and (c) the period from the early 1990s to the 2019 when it rejoined the dynamic East Asian mainstream. Through comparative analysis, the paper also seeks to understand the country’s development dynamics and political economy. We conclude by highlighting elements of a recovery and reform agenda in the post-pandemic era.

Keywords: Philippines; economic development; economic history; political economy; institutions; COVID-19; ASEAN; comparative analysis. (search for similar items in EconPapers)
JEL-codes: E02 I0 N15 O10 O43 O53 P52 (search for similar items in EconPapers)
Pages: 37 pages
Date: 2021
New Economics Papers: this item is included in nep-gro, nep-his and nep-sea
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Persistent link: https://EconPapers.repec.org/RePEc:pas:papers:2021-24

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