Why has the Philippines’ Growth Performance Improved? From Disappointment to Promising Success
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The Philippines posted an average growth rate of 6.4% during 2010–2017, quite impressive for historical standards.
The Philippines’ potential growth rate reached 6.3% in 2017, the highest in the last 60 years. Most of it is labor productivity growth, driven by manufacturing productivity growth. To continue registering high growth in a stable macroeconomic environment, the Philippines needs to continue increasing its potential growth rate. The paper discusses how this can be done.