In the 1950s the economy of the Philippines had the second highest GDP per capita in Asia, alongside the continent’s most modern manufacturing sector, after Japan.
Though in the following decades, the Philippines was surpassed by the likes of South Korea, Singapore and Taiwan. Which although they didn’t know it at the time, became the first Asian tiger economies. Whilst the Philippines? Well it kind of fell out of the Asian tiger economic race. Now to be fair, Manila has been on a more stable path since its 1980s debt default. Between 2000 and 2009 growth averaged over 4.5% per year, accelerating to almost 6.5% in the decade to 2019. But 2020 saw the nation register the worst performance of any major South East Asian economy. With its history being crucial to understanding why.

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#Philippines #Economics #Manila

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